Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of current and deferred income tax expense (benefit)

	Year Ended December 31,
	2019		2018		2017
Current:
Federal	$	1,070	$	4,305	$	7,418
State		—		—		48
Total		1,070		4,305		7,466
Deferred:
Federal		5,903		488		(23,512)
State		2,474		(5,529)		(1,835)
Total		8,377		(5,041)		(25,347)
Income tax expense (benefit)	$	9,447	$	(736)	$	(17,881)

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

	Year Ended December 31,
	2019		2018		2017
Income tax expense (benefit)	$	9,447	$	(736)	$	(17,881)
Income tax recorded in accumulated other comprehensive loss
Income tax expense (benefit)		116		685		(2,488)
Total income tax expense (benefit)	$	9,563	$	(51)	$	(20,369)

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2019		2018		2017
Tax at the statutory federal rate	$	7,607	$	6,643	$	14,594
State income taxes (net of federal benefit)		1,477		1,392		1,340
Decrease in valuation allowance, net		—		(4,993)		(142)
Decrease in uncertain tax positions		—		(2,165)		—
Change in US and State tax rates		1,006		(1,035)		(33,542)
Benefit of Qualified Opportunity Zone investment		(561)		—		—
Dividend received deduction		(188)		(322)		(530)
Other permanent items		106		(256)		399
Total income tax expense (benefit)	$	9,447	$	(736)	$	(17,881)

Schedule of deferred tax assets and liabilities

	December 31,		December 31,
	2019		2018
Deferred tax assets:
State net operating loss carryforwards	$	14,316	$	15,709
Impairment losses		36,751		38,907
Prepaid income from land sales		3,180		2,597
Capitalized costs		2,468		2,107
Reserves and accruals		1,672		1,789
Unrealized losses on investments		2,282		1,008
Other		765		711
Total gross deferred tax assets		61,434		62,828
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		4,000		2,358
Deferred gain on land sales and involuntary conversions		24,956		19,236
Installment sales		83,275		83,268
Pension Plan assets transferred to the 401(k) plan		580		872
Other		1,431		1,409
Total gross deferred tax liabilities		114,242		107,143
Net deferred tax liabilities	$	(52,808)	$	(44,315)