Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Summary of the provision for income tax expense (benefit)

Income tax (benefit) expense for the years ended December 31, 2017, 2016, and 2015 consist of the following:



	2017			2016			2015
Current:
Federal	$	7,418		$	(22,416	)	$	(1,377	)
State	48			(64		)	(138		)
Total	7,466			(22,480		)	(1,515		)
Deferred:
Federal	(23,512		)	29,796			2,261
State	(1,835		)	(169		)	62
Total	(25,347		)	29,627			2,323
Income tax (benefit) expense	$	(17,881	)	$	7,147		$	808

Summary of total income tax expense (benefit) allocated in the consolidated financial statements

Total income tax (benefit) expense for the years ended December 31, 2017, 2016, and 2015 was allocated in the consolidated financial statements as follows:



	2017			2016		2015
Income tax (benefit) expense	$	(17,881	)	$	7,147	$	808
Income tax recorded in accumulated other comprehensive (loss) income
Income tax (benefit) expense	(2,488		)	2,003		(300		)
Total income tax (benefit) expense	$	(20,369	)	$	9,150	$	508

Schedule of effective income tax rate reconciliation

Income tax (benefit) expense attributable to income (loss) from operations differed from the amount computed by applying the statutory federal income tax rate of 35% to pre-tax income or loss as a result of the following:



	2017			2016			2015
Tax at the statutory federal rate	$	14,594		$	8,065		$	(323	)
State income taxes (net of federal benefit)	1,340			806			(32		)
Decrease in valuation allowance, net	(142		)	(941		)	(164		)
Fees and expenses for SEC investigation	—			—			1,092
Change in statutory federal rate to 21%	(33,542		)	—			—
Dividend received deduction	(530		)	(40		)	—
Other	399			(743		)	235
Total income tax (benefit) expense	$	(17,881	)	$	7,147		$	808

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of December 31, 2017 and 2016 are presented below:



	2017			2016
Deferred tax assets:
State net operating loss carryforwards	$	17,237		$	14,956
Alternative minimum tax credit carryforward	—			13,477
Impairment losses	41,837			63,108
Prepaid income from land sales	3,734			5,461
Other	322			—
Total gross deferred tax assets	63,130			97,002
Valuation allowance	(4,993		)	(5,135		)
Total net deferred tax assets	58,137			91,867
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences	525			647
Deferred gain on land sales and involuntary conversions	19,671			28,920
Installment sales	85,769			127,260
Pension Plan assets transferred to the 401(k) Plan	1,155			2,170
Other	—			1,716
Total gross deferred tax liabilities	107,120			160,713
Net deferred tax liabilities	$	(48,983	)	$	(68,846	)