Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of current and deferred income tax expense (benefit)

	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	5,146	$	1,070	$	4,305
State		—		—		—
Total		5,146		1,070		4,305
Deferred:
Federal		6,321		5,903		488
State		2,203		2,474		(5,529)
Total		8,524		8,377		(5,041)
Income tax expense (benefit)	$	13,670	$	9,447	$	(736)

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

	Year Ended December 31,
	2020		2019		2018
Income tax expense (benefit)	$	13,670	$	9,447	$	(736)
Income tax recorded in accumulated other comprehensive loss
Income tax (benefit) expense		(386)		116		685
Total income tax expense (benefit)	$	13,284	$	9,563	$	(51)

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2020		2019		2018
Tax at the statutory federal rate	$	12,385	$	7,607	$	6,643
State income taxes (net of federal benefit)		2,203		1,477		1,392
Decrease in valuation allowance, net		—		—		(4,993)
Decrease in uncertain tax positions		—		—		(2,165)
Change in US and State tax rates		—		1,006		(1,035)
Income tax credits		(454)		—		—
Benefit of Qualified Opportunity Zone investment		(161)		(561)		—
Dividend received deduction		(33)		(188)		(322)
Other permanent items		(270)		106		(256)
Total income tax expense (benefit)	$	13,670	$	9,447	$	(736)

Schedule of deferred tax assets and liabilities

	December 31,		December 31,
	2020		2019
Deferred tax assets:
State net operating loss carryforwards	$	13,355	$	14,316
Impairment losses		33,660		36,751
Prepaid income from land sales		3,812		3,180
Capitalized costs		2,851		2,468
Reserves and accruals		1,586		1,672
Unrealized losses on investments		3,403		2,282
Other		765		765
Total gross deferred tax assets		59,432		61,434
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		5,929		4,000
Deferred gain on land sales and involuntary conversions		29,101		24,956
Installment sales		83,337		83,275
Pension Plan assets transferred to the 401(k) plan		287		580
Other		1,693		1,431
Total gross deferred tax liabilities		120,347		114,242
Net deferred tax liabilities	$	(60,915)	$	(52,808)