Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Components of provision (benefit) for income taxes

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



($ in thousands)	2015			2014			2013
Total provision:	$	1,125		$	2,697		$	2,086
Federal:
Current	1,521			2,289			(2,459		)
Deferred	(682		)	(313		)	4,097
	839			1,976			1,638
State:
Current	585			603			231
Deferred	(299		)	118			217
	286			721			448
	$	1,125		$	2,697		$	2,086

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)	2015			2014			2013
Income tax at statutory rate	$	1,360		$	2,912		$	2,139
State income taxes, net of Federal benefit	213			452			307
Oil and mineral depletion	(213		)	(385		)	(450		)
Permanent differences	(92		)	(172		)	(11		)
Other	(143		)	(110		)	101
Total provision	$	1,125		$	2,697		$	2,086

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)	2015		2014
Deferred income tax assets:
Accrued expenses	$	578	$	608
Deferred revenues	652		498
Capitalization of costs	3,023		2,746
Pension adjustment	4,396		4,502
Stock grant expense	3,593		2,936
State deferred taxes	221		200
Book deferred gains	1,711		1,711
Joint venture allocations	860		587
Provision for additional capitalized costs	1,003		1,003
Interest rate swap	1,244		954
Other	3		3
Total deferred income tax assets	$	17,284	$	15,748
Deferred income tax liabilities:
Deferred gains	$	1,390	$	1,390
Depreciation	5,040		4,228
Cost of sales allocations	1,252		1,252
Joint venture allocations	3,121		2,456
Straight line rent	929		947
Prepaid expenses	149		191
State deferred taxes	617		501
Other	127		207
Total deferred income tax liabilities	$	12,625	$	11,172
Net deferred income tax asset	$	4,659	$	4,576
Allowance for deferred tax assets	—		—
Net deferred taxes	$	4,659	$	4,576