Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Provision for Income Tax Expense (Benefit)

The provision for income tax expense (benefit) for the years ended December 31, 2012, 2011, and 2010 consist of the following:

	2012		2011			2010
Current:
Federal	$	34	$	(2,091	)		(134	)
State		118		(70	)		275
Total		152		(2,161	)		141
Deferred:
Federal		196		(52,450	)		(18,084	)
State		39		(1,047	)		(5,906	)
Total		235		(53,497	)		(23,990	)
Total provision (benefit) for income taxes	$	387	$	(55,658	)		(23,849	)

Tax (Benefit) Allocated in the Consolidated Statements of Operations

Total income tax expense (benefit) for the years ended December 31, 2012, 2011, and 2010 was allocated in the consolidated financial statements as follows:

	2012		2011			2010
Income tax (benefit) expense	$	387	$	(55,658	)	$	(23,849	)
Tax benefits recorded on Consolidated Statement of Changes in Equity:
Excess tax expense on stock compensation		—		907			362
Deferred tax expense on accumulated other comprehensive income		—		7,888			1,335
Total		—		8,795			1,697
Total income tax expense (benefit)	$	387	$	(46,863	)	$	(22,152	)

Income Tax (Benefit) Attributable to Income from Continuing Operations Differed from Amount Computed by Applying Statutory Federal income tax rate of 35% to Pre-Tax Income

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

	2012			2011			2010
Tax at the statutory federal rate	$	2,240		$	(135,078	)	$	(20,899	)
State income taxes (net of federal benefit)		224			(13,508	)		(2,090	)
(Decrease) increase in valuation allowance		(2,870	)		94,505			28
Medicare subsidy		—			(64	)		623
Real estate investment trust income exclusion		—			(1,468	)		(1,357	)
Other		793			(45	)		(154	)
Total income tax (benefit) expense	$	387		$	(55,658	)	$	(23,849	)

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, 2012 and 2011 are presented below:

	2012			2011
Deferred tax assets:
Federal net operating carryforward	$	29,222		$	32,201
State net operating loss carryforward		20,888			21,442
Impairment losses		146,358			147,467
Deferred compensation		1,118			1,092
Capitalized real estate taxes		8,124			7,781
Prepaid income on land sales		10,262			10,536
Other		3,397			4,229
Total gross deferred tax assets		219,369			224,748
Valuation allowance		(92,599	)		(95,469	)
Total net deferred tax assets		126,770			129,279
Deferred tax liabilities:
Deferred gain on land sales and involuntary conversions		32,255			32,726
Prepaid pension asset		16,173			17,291
Installment sale		58,138			58,861
Depreciation		4,172			4,639
Other		4,075			4,047
Total gross deferred tax liabilities		114,813			117,564
Net deferred tax asset	$	11,957		$	11,715

Reconciliation Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2012		2011
Balance at beginning of year	$	1,722	$	1,401
Decreases related to prior year tax positions		—		(1,401	)
Increased related to current year tax positions		—		1,722
Balance at December 31,	$	1,722	$	1,722