Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of provision (benefit) for income taxes

The provision for income taxes consists of the following at December 31:



($ in thousands)	2013			2012		2011
Total provision:	$	2,086		$	2,723	$	7,367
Federal:
Current	$	(2,459	)	903		6,812
Deferred	4,097			1,092		(1,233		)
	1,638			1,995		5,579
State:
Current	231			67		2,133
Deferred	217			661		(345		)
	448			728		1,788
	$	2,086		$	2,723	$	7,367

Reconciliation of income tax expense from statutory Federal income tax rate

The reasons for the difference between total income tax expense and the amount computed by applying the statutory Federal income tax rate of 34% to income before taxes are as follows for the years ended December 31:



($ in thousands)	2013			2012			2011
Income tax at statutory rate	$	2,139		$	2,382		$	7,909
State income taxes, net of Federal benefit	307			472			1,180
Oil and mineral depletion	(450		)	(620		)	(552		)
Valuation allowance - land contribution	—			—			(595		)
Other, net	90			489			(575		)
Total provision	$	2,086		$	2,723		$	7,367

Components of net deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31:



($ in thousands)	2013		2012
Deferred income tax assets:
Accrued expenses	$	600	$	525
Deferred revenues	371		512
Capitalization of costs	2,151		1,758
Pension adjustment	2,923		4,262
Stock grant expense	2,660		7,005
State deferred taxes	2		777
Book deferred gains	1,416		963
Provision for additional capitalized costs	1,003		1,003
Other	1,208		73
Total deferred income tax assets	$	12,334	$	16,878
Deferred income tax liabilities:
Deferred gains	$	1,390	$	1,390
Depreciation	3,495		3,374
Cost of sales allocations	1,252		1,252
Joint venture allocations	2,001		2,084
Straight line rent	1,006		1,063
Prepaid expenses	406		212
State deferred taxes	444		345
Other	296		785
Total deferred income tax liabilities	$	10,290	$	10,505
Net deferred income tax asset	$	2,044	$	6,373
Allowance for deferred tax assets	—		—
Net deferred taxes	$	2,044	$	6,373