Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022, and 2021 (in thousands):


	2023		2022		2021
Current:
Federal	$	(1,349)	$	(756)	$	7,409
State	(952)		(2,807)		(1,971)
Total current	(2,301)		(3,563)		5,438
Deferred:
Federal	(102)		(291)		(153)
State	(24)		(69)		(39)
Total deferred	(126)		(360)		(192)
Total (expense) benefit	$	(2,427)	$	(3,923)	$	5,246

Reconciliation of Income Tax Attributable to Operations

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


	2023				2022				2021
	Amount		Percent		Amount		Percent		Amount		Percent
Tax expense provision at United States statutory rates on consolidated income from continuing operations subject to tax	$	(5,065)	(21.0	%)	$	(1,554)	(21.0	%)	$	(6,064)	(21.0	%)
State income tax expense, net of federal tax expense	(996)		(4.1	%)	(2,853)		(38.6	%)	(2,011)		(7.0	%)
Tax credits	3,420		14.2	%	191		2.6	%	3,508		12.1	%
TRS REIT election	—		—	%	—		—	%	9,656		33.4	%
Other	214		0.9	%	293		4.0	%	157		0.5	%
Total income tax expense	$	(2,427)	(10.0	%)	$	(3,923)	(53.0	%)	$	5,246	18.0	%

Schedule of Dividends Per Share Held

For the years ended December 31, 2023, 2022, and 2021, dividends per share held for the entire year were estimated to have the following tax attributes:


	2023				2022				2021
(unaudited)	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income	$	0.24	13.1	%	$	0.21	11.8	%	$	—	—	%
Capital gains	0.06		3.5	%	1.37		76.0	%	0.44		25.3	%
Qualified dividends	—		—	%	0.03		1.9	%	—		—%
Unrecaptured Section 1250 gain	—		—	%	0.19		10.3	%	0.13		7.5	%
Return of capital	1.50		83.4	%	—		—	%	1.17		67.2	%
Total	$	1.80	100.0	%	$	1.80	100.0	%	$	1.74	100.0	%