Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax Benefit or Expense

Significant components of the income tax benefit or expense are as follows and are classified within income tax (expense) benefit in our consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 (in thousands):

	2022			2021			2020
Current:
Federal	$	(756	)	$	7,409		$	(6,271	)
State		(2,807	)		(1,971	)		(8,637	)
Total current		(3,563	)		5,438			(14,908	)
Deferred:
Federal		(291	)		(153	)		7,691
State		(69	)		(39	)		2,694
Revaluation of deferred taxes due to change in tax rate		—			—			(90,914	)
Total deferred		(360	)		(192	)		(80,529	)
Total (expense) benefit	$	(3,923	)	$	5,246		$	(95,437	)

Reconciliation of Income Tax Attributable to Operations

The reconciliation of income tax attributable to continuing operations computed at the United States statutory rate to income tax benefit is shown below (dollars in thousands):

	2022						2021						2020
	Amount			Percent			Amount			Percent			Amount			Percent
Tax (expense) benefit provision at United States statutory rates on consolidated income (loss) from continuing operations subject to tax	$	(1,554	)		(21.0	%)	$	(6,064	)		(21.0	%)	$	3,516			(21.0	%)
State income tax (expense) benefit, net of federal tax (expense) benefit (1)		(2,853	)		(38.6	%)		(2,011	)		(7.0	%)		1,964			(11.7	%)
Effect of permanent differences		—			—	%		—			—	%		(434	)		2.6	%
Tax credits		191			2.6	%		3,508			12.1	%		296			(1.8	%)
Separation		—			—	%		—			—	%		(7,596	)		45.4	%
TRS REIT election (2)		—			—	%		9,656			33.4	%		(90,914	)		543.1	%
Other		293			4.0	%		157			0.5	%		(2,269	)		13.6	%
Total income tax (expense) benefit	$	(3,923	)		(53.0	%)	$	5,246			18.0	%	$	(95,437	)		570.2	%

(1)In addition to the $7.4 million of net income for the year ended December 31, 2022, which is subject to federal income tax, due to varying state income tax laws, $39.0 million of income is subject to only state income tax, resulting in $2.9 million of state income tax expense.

(2)Consistent with our simplified business structure and strategy, during the year ended December 31, 2020, we elected to treat one of our taxable subsidiaries as a REIT, resulting in the removal of deferred tax asset balances.

Schedule of Dividends Per Share Held

For the years ended December 31, 2022, 2021, and 2020, dividends per share held for the entire year were estimated to have the following tax attributes:

	2022					2021					2020
(unaudited)	Amount		Percentage			Amount		Percentage			Amount		Percentage
Ordinary income	$	0.21		11.8	%	$	—		—	%	$	2.41		6.0	%
Capital gains		1.37		76.0	%		0.44		25.3	%		15.00		37.4	%
Qualified dividends		0.03		1.9	%		—		—	%		0.48		1.2	%
Unrecaptured Section 1250 gain		0.19		10.3	%		0.13		7.5	%		6.74		16.8	%
Return of capital		—		—	%		1.17		67.2	%		15.49		38.6	%
Total	$	1.80		100.0	%	$	1.74		100.0	%	$	40.12		100.0	%