Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes

Schedule of current and deferred income tax expense (benefit)

	Year Ended December 31,
	2018		2017		2016
Current:
Federal	$	4,305	$	7,418	$	(22,416)
State		—		48		(64)
Total		4,305		7,466		(22,480)
Deferred:
Federal		488		(23,512)		29,796
State		(5,529)		(1,835)		(169)
Total		(5,041)		(25,347)		29,627
Income tax (benefit) expense	$	(736)	$	(17,881)	$	7,147

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

	Year Ended December 31,
	2018		2017		2016
Income tax (benefit) expense	$	(736)	$	(17,881)	$	7,147
Income tax recorded in accumulated other comprehensive loss
Income tax expense (benefit)		685		(2,488)		2,003
Total income tax (benefit) expense	$	(51)	$	(20,369)	$	9,150

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2018		2017		2016
Tax at the statutory federal rate	$	6,643	$	14,594	$	8,065
State income taxes (net of federal benefit)		1,392		1,340		806
Decrease in valuation allowance, net		(4,993)		(142)		(941)
Decrease in uncertain tax positions		(2,165)		—		—
Change in US tax law		(1,035)		(33,542)		—
Dividend received deduction		(322)		(530)		(40)
Other permanent items		(256)		399		(743)
Total income tax (benefit) expense	$	(736)	$	(17,881)	$	7,147

Schedule of deferred tax assets and liabilities

	December 31,		December 31,
	2018		2017
Deferred tax assets:
State net operating loss carryforwards	$	15,709	$	17,237
Impairment losses		38,844		41,837
Prepaid income from land sales		2,597		3,734
Capitalized costs		2,107		—
Other		3,508		322
Total gross deferred tax assets		62,765		63,130
Valuation allowance		—		(4,993)
Total net deferred tax assets		62,765		58,137
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		2,358		525
Deferred gain on land sales and involuntary conversions		19,109		19,671
Installment sales		83,268		85,769
Pension Plan assets transferred to the 401(k) plan		872		1,155
Other		1,473		—
Total gross deferred tax liabilities		107,080		107,120
Net deferred tax liabilities	$	(44,315)	$	(48,983)