Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of current and deferred income tax expense (benefit)

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	9,005	$	5,146	$	1,070
State		—		—		—
Total		9,005		5,146		1,070
Deferred:
Federal		12,120		6,321		5,903
State		3,857		2,203		2,474
Total		15,977		8,524		8,377
Income tax expense	$	24,982	$	13,670	$	9,447

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

	Year Ended December 31,
	2021		2020		2019
Income tax expense	$	24,982	$	13,670	$	9,447
Income tax recorded in accumulated other comprehensive loss
Income tax expense (benefit)		367		(386)		116
Total income tax expense	$	25,349	$	13,284	$	9,563

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2021		2020		2019
Tax at the statutory federal rate	$	20,902	$	12,385	$	7,607
State income taxes (net of federal benefit)		3,581		2,203		1,477
Increase in valuation allowance		275		—		—
Change in US and State tax rates		458		—		1,006
Income tax credits		(186)		(454)		—
Benefit of Qualified Opportunity Zone investments		(195)		(161)		(561)
Dividend received deduction		—		(33)		(188)
Other permanent items		147		(270)		106
Total income tax expense	$	24,982	$	13,670	$	9,447

Schedule of deferred tax assets and liabilities

	December 31,		December 31,
	2021		2020
Deferred tax assets:
State net operating loss carryforwards	$	10,617	$	13,355
Impairment losses		28,496		33,660
Prepaid income from land sales		6,177		3,812
Capital loss carryforwards		4,090		—
Capitalized costs		2,462		2,851
Reserves and accruals		1,950		1,586
Unrealized losses on investments		359		3,403
Other		1,446		765
Total gross deferred tax assets		55,597		59,432
Valuation allowance		(305)		—
Total net deferred tax assets		55,292		59,432
Deferred tax liabilities:
Investment in real estate and property and equipment basis differences		14,014		5,929
Deferred gain on land sales and involuntary conversions		33,643		29,101
Installment sales		83,498		83,337
Pension Plan assets transferred to the 401(k) plan		—		287
Other		1,396		1,693
Total gross deferred tax liabilities		132,551		120,347
Net deferred tax liabilities	$	(77,259)	$	(60,915)