INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

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

($ in thousands)	2022		2021		2020
Total provision (benefit):	$	7,393	$	3,821	$	829
Federal:
Current	3,330		1,960		(852)
Deferred	1,718		620		1,464
	5,048		2,580		612
State:
Current	2,044		937		(21)
Deferred	301		304		238
	2,345		1,241		217
	$	7,393	$	3,821	$	829

Reconciliation of Income Tax Expense from Statutory Federal Income Tax Rate

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate of 21% in 2022, 2021 and 2020 is as follows for the years ended December 31: 

($ in thousands)	2022			2021			2020
Income tax at statutory rate	$	4,869		$	1,924		$	17
State income taxes, net of Federal benefit	1,851			802			217
Excess stock compensation expense	(147)			34			365
Non-deductible compensation	1,008			539			357
Oil and mineral depletion	(147)			(108)			(101)
Refunds	—			—			(78)
Permanent differences	10			26			16
Stock compensation true-up	—			641			—
Other	(51)			(37)			36
Provision for income taxes	$	7,393		$	3,821		$	829
Effective tax rate	31.9		%	41.7		%	1,011.0		%

Components of Net Deferred Tax Assets and Liabilities

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

($ in thousands)	2022		2021
Deferred income tax assets:
Accrued expenses	$	333	$	429
Deferred revenues	447		544
Capitalization of costs	1,280		1,390
Pension adjustment	1,940		2,342
Stock grant expense	1,364		2,046
State deferred taxes	555		194
Book deferred gains	2,127		2,297
Joint venture allocations	566		593
Provision for additional capitalized costs	699		699
Interest rate swap	335		921
Other	136		77
Total deferred income tax assets	$	9,782	$	11,532
Deferred income tax liabilities:
Deferred gains	$	1,753	$	1,321
Depreciation	4,492		3,722
Cost of sales allocations	872		872
Joint venture allocations	6,900		6,367
Capitalized stock compensation	1,058		958
Straight line rent	348		412
Prepaid expenses	318		399
State deferred taxes	96		190
Interest rate swap	762		—
Other	363		189
Total deferred income tax liabilities	$	16,962	$	14,430
Net deferred income tax (liability)	$	(7,180)	$	(2,898)
Allowance for deferred tax assets	—		—
Net deferred taxes	$	(7,180)	$	(2,898)