INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Provision (Benefit) for Income Taxes

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


($ in thousands)	2023		2022		2021
Total provision (benefit):	$	2,323	$	7,393	$	3,821
Federal:
Current	1,371		3,330		1,960
Deferred	353		1,718		620
	1,724		5,048		2,580
State:
Current	584		2,044		937
Deferred	15		301		304
	599		2,345		1,241
	$	2,323	$	7,393	$	3,821

Schedule of 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 2023, 2022 and 2021, is as follows for the years ended December 31:


($ in thousands)	2023			2022			2021
Income tax at statutory rate	$	1,195		$	4,869		$	1,924
State income taxes, net of Federal benefit	578			1,851			802
Excess stock compensation (benefit) expense	(501)			(147)			34
Non-deductible compensation	1,302			1,008			539
Oil and mineral depletion	(130)			(147)			(108)

Permanent differences	9			10			26
Stock compensation true-up	—			—			641
Other	(130)			(51)			(37)
Provision for income taxes	$	2,323		$	7,393		$	3,821
Effective tax rate	41.6		%	31.9		%	41.7		%

Schedule of 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)	2023		2022
Deferred income tax assets:
Accrued expenses	$	293	$	333
Deferred revenues	563		447
Capitalization of costs	1,218		1,280
Pension adjustment	1,921		1,940
Stock grant expense	1,048		1,364
State deferred taxes	355		555
Book deferred gains	2,127		2,127
Joint venture allocations	552		566
Provision for additional capitalized costs	699		699
Interest rate swap	1,444		335
Other	81		136
Total deferred income tax assets	$	10,301	$	9,782
Deferred income tax liabilities:
Deferred gains	$	1,753	$	1,753
Depreciation	4,766		4,492
Cost of sales allocations	872		872
Joint venture allocations	7,272		6,900
Capitalized stock compensation	1,202		1,058
Straight line rent	296		348
Prepaid expenses	369		318
State deferred taxes	96		96
Interest rate swap	1,444		762
Other	500		363
Total deferred income tax liabilities	$	18,570	$	16,962
Net deferred income tax (liability)	$	(8,269)	$	(7,180)
Allowance for deferred tax assets	—		—
Net deferred taxes	$	(8,269)	$	(7,180)