Income Taxes (Tables)

9 Months Ended

Sep. 30, 2019

Income Taxes

Schedule of effective income tax rate reconciliation

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Tax at the federal statutory rate	$	1,854	$	420	$	5,278	$	7,402
State income taxes (net of federal benefit)		311		88		885		1,532
Change in state tax rate		1,187		—		1,187		—
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		—		—		(524)
Decrease in valuation allowance		—		(3,480)		—		(4,931)
Change in federal AMT credit carryforward (1)		—		(511)		—		(511)
Other		(349)		—		(252)		(153)
Total income tax expense (benefit)	$	3,003	$	(3,483)	$	7,098	$	2,815

(1) The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is included in 2018 income from continuing operations.