Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of provision (benefit) for income taxes

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



($ in thousands)	2014			2013			2012
Total provision:	$	2,697		$	2,086		$	2,723
Federal:
Current	$	2,289		(2,459		)	903
Deferred	(313		)	4,097			1,092
	1,976			1,638			1,995
State:
Current	603			231			67
Deferred	118			217			661
	721			448			728
	$	2,697		$	2,086		$	2,723

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)	2014			2013			2012
Income tax at statutory rate	$	2,912		$	2,139		$	2,382
State income taxes, net of Federal benefit	452			307			472
Oil and mineral depletion	(385		)	(450		)	(620		)
Valuation allowance - land contribution	—			—			—
Other, net	(282		)	90			489
Total provision	$	2,697		$	2,086		$	2,723

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)	2014		2013
Deferred income tax assets:
Accrued expenses	$	608	$	600
Deferred revenues	498		371
Capitalization of costs	2,746		2,151
Pension adjustment	4,502		2,923
Stock grant expense	2,936		2,660
State deferred taxes	200		2
Book deferred gains	1,711		1,416
Joint venture allocations	587		—
Provision for additional capitalized costs	1,003		1,003
Interest rate swap	954		—
Other	3		1,208
Total deferred income tax assets	$	15,748	$	12,334
Deferred income tax liabilities:
Deferred gains	$	1,390	$	1,390
Depreciation	4,228		3,495
Cost of sales allocations	1,252		1,252
Joint venture allocations	2,456		2,001
Straight line rent	947		1,006
Prepaid expenses	191		406
State deferred taxes	501		444
Other	207		296
Total deferred income tax liabilities	$	11,172	$	10,290
Net deferred income tax asset	$	4,576	$	2,044
Allowance for deferred tax assets	—		—
Net deferred taxes	$	4,576	$	2,044