FEDERAL AND STATE CURRENT AND DEFERRED INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities were as follows (in thousands):

	December 31,
	2016			2015
Deferred tax assets:
Deferred compensation	$	10,908		$	10,199
Impairment loss on securities	1,221			1,292
Impairment loss on water assets	17,277			17,252
Impairment loss on real estate	1,847			1,423
Capitalized expenses	9,788			8,629
Net operating losses, capital losses, and tax credit carryforwards	68,090			65,680
Employee benefits, including stock-based compensation	9,945			5,818
Excess tax basis in affiliate	12,889			14,675
Fixed assets	469			2,312
Other, net	3,545			2,975
Total deferred tax assets	135,979			130,255
Deferred tax liabilities:
Unrealized appreciation on securities	4,138			3,118
Revaluation of real estate and water assets	5,247			5,254
Excess book basis in affiliate	5,770			6,646
Other, net	2,113			2,118
Total deferred tax liabilities	17,268			17,136
Valuation allowance	(113,229		)	(113,119		)
Net deferred income tax asset	$	5,482		$	—

Summary of Tax Credit Carryforwards

The following table summarizes such carryforwards and their expiration as follows (in thousands):

	Federal Net Operating Losses		Federal Tax Credits		State Net Operating Losses		State Capital Losses
Expire 2017 through 2020			$	2,751	$	14,337	$	8,500
Expire 2021 through 2025			782		7,372
Expire 2026 through 2030			5		17,144
Expire 2031 through 2036	$	137,068	4,093		166,719
Total	$	137,068	$	7,631	$	205,572	$	8,500

Schedule of Components of Income Tax Expense (Benefit)

income tax benefit for federal and state income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2016			2015		2014
Current tax benefit (provision)	$	(47	)	$	48	$	199
Deferred tax benefit	6,398			2,913		3,315
Total income tax benefit	$	6,351		$	2,961	$	3,514

Schedule of Effective Income Tax Rate Reconciliation

The difference between income taxes provided at the Company’s federal statutory rate and effective tax rate was as follows (in thousands):

	Year Ended December 31,
	2016			2015			2014
Federal income tax provision at statutory rate	$	6,301		$	10,902		$	16,439
Change in valuation allowance	(906		)	(13,601		)	(11,784		)
State taxes, net of federal benefit	814			36			184
Nondeductible compensation				(530		)	(1,567		)
Equity in loss of unconsolidated affiliate				2,766			816
Research and development credit				2,248
Other	142			1,140			(574		)
Total income tax benefit	$	6,351		$	2,961		$	3,514