Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

The following table summarizes the tax status of dividends paid on our common shares:



	Year ended December 31,
	2015	2014	2013
Dividend per share	$1.94	1.88	1.85
Ordinary income	71%	70%	70%
Capital gain	5%	16%	6%
Return of capital	19%	14%	—%
Qualified dividend income	5%	—%	24%

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) differed from the amounts computed by applying the U.S. Federal income tax rate of 34% to pretax income of RRG, with all income tax (benefit) expense being current, as follows:



	Year ended December 31,
(in thousands)	2015				2014			2013
Computed expected tax expense (benefit)	$	1,730			5,140			1,677
Increase (decrease) in income tax resulting from state taxes	224				(629	)		98
Valuation allowance	(3,556		)		(3,301	)		(1,511	)
All other items	(2		)		(58	)		(264	)
Income tax (benefit) expense attributable to continuing operations	$	(1,604	)	⁽¹⁾	1,152		⁽¹⁾	—
⁽¹⁾ Includes $1.6 million of tax benefit and $2.2 million of tax expense presented with Gain on sale of real estate, net of tax on the Consolidated Statements of Operations, during the years ended December 31, 2015 and 2014, respectively.

Schedule of Deferred Tax Assets and Liabilities

The following table represents the Company's net deferred tax assets recorded in accounts payable and other liabilities in the accompanying Consolidated Balance Sheets:



	December 31,
(in thousands)	2015			2014
Deferred tax assets
Investments in real estate partnerships	$	1,676		8,427
Provision for impairment	6,242			3,299
Deferred interest expense	2,714			2,538
Capitalized costs under Section 263A	1,157			1,832
Employee benefits	148			385
Other	2,376			1,370
Deferred tax assets	14,313			17,851
Valuation allowance	(13,746		)	(17,302	)
Deferred tax assets, net	567			549
Deferred tax liabilities
Straight line rent	567			549
Deferred tax liabilities	567			549
Net deferred tax assets	$	—		—