Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of provision (benefit) for income taxes

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



($ in thousands)	2016			2015			2014
Total provision:	$	336		$	1,125		$	2,697
Federal:
Current	(758		)	1,521			2,289
Deferred	1,021			(682		)	(313		)
	263			839			1,976
State:
Current	(145		)	585			603
Deferred	218			(299		)	118
	73			286			721
	$	336		$	1,125		$	2,697

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)	2016			2015			2014
Income tax at statutory rate	$	304		$	1,360		$	2,912
State income taxes, net of Federal benefit	42			213			452
Oil and mineral depletion	(161		)	(213		)	(385		)
Permanent differences	82			(92		)	(172		)
Other	69			(143		)	(110		)
Total provision	$	336		$	1,125		$	2,697

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)	2016		2015
Deferred income tax assets:
Accrued expenses	$	561	$	578
Deferred revenues	654		652
Capitalization of costs	3,224		3,023
Pension adjustment	4,690		4,396
Stock grant expense	2,309		3,593
State deferred taxes	37		221
Book deferred gains	1,912		1,711
Joint venture allocations	932		860
Provision for additional capitalized costs	1,003		1,003
Interest rate swap	799		1,244
Other	41		3
Total deferred income tax assets	$	16,162	$	17,284
Deferred income tax liabilities:
Deferred gains	$	51	$	1,390
Depreciation	5,279		5,040
Cost of sales allocations	1,252		1,252
Joint venture allocations	5,389		3,121
Straight line rent	926		929
Prepaid expenses	323		149
State deferred taxes	470		617
Other	190		127
Total deferred income tax liabilities	$	13,880	$	12,625
Net deferred income tax asset	$	2,282	$	4,659
Allowance for deferred tax assets	—		—
Net deferred taxes	$	2,282	$	4,659