v2.4.0.6

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of tax treatment of distributions per common share

During the years ended December 31, 2012, 2011 and 2010, our tax treatment of distributions per common share was as follows:

	2012				2011				2010
Tax treatment of distributions:
Ordinary income	$	2.23124			$	2.28131			$	1.99928
Long-term capital gain	0.18884				0.01869				0.07644
Unrecaptured Section 1250 gain	0.05992				—				0.06428
Distribution reported for 1099-DIV purposes	$	2.48000			$	2.30000			$	2.14000

Schedule of provision (benefit) for income taxes

Our consolidated (benefit) provision for income taxes for the years ended December 31, 2012, 2011 and 2010 was as follows:

	2012				2011				2010
	(In thousands)
Current	$	1,208			$	(4,080	)		$	2,459
Deferred	(7,490		)		(26,580		)		2,742
Total	$	(6,282	)		$	(30,660	)		$	5,201

Schedule of reconciliation of income tax expense

A reconciliation of income tax expense, which is computed by applying the federal corporate tax rate for the years ended December 31, 2012, 2011 and 2010, to the income tax benefit is as follows:

	2012				2011				2010
	(In thousands)
Tax at statutory rate on earnings from continuing operations before unconsolidated entities, noncontrolling interest and income taxes	$	104,392			$	115,953			$	78,381
State income taxes, net of federal benefit	(842		)		(2,364		)		700
Increase in valuation allowance	33,072				9,408				5,705
Increase (decrease) in ASC 740 income tax liability	656				(4,084		)		2,420
Tax at statutory rate on earnings not subject to federal income taxes	(143,400		)		(151,264		)		(82,208		)
Other differences	(160		)		1,691				203
Income tax (benefit) expense	$	(6,282	)		$	(30,660	)		$	5,201

Summary of tax effects of temporary differences and carryforwards included in the net deferred tax liabilities

The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities at December 31, 2012, 2011 and 2010 are summarized as follows:

	2012				2011				2010
	(In thousands)
Property, primarily differences in depreciation and amortization, the tax basis of land assets and the treatment of interests and certain costs	$	(310,756	)		$	(332,111	)		$	(287,165	)
Operating loss and interest deduction carryforwards	366,590				343,843				103,733
Expense accruals and other	13,984				11,511				3,093
Valuation allowance	(326,837		)		(281,954		)		(60,994		)
Net deferred tax liabilities(1)	$	(257,019	)		$	(258,711	)		$	(241,333	)

(1) 2012 and 2011 includes approximately $2.7 million and $2.0 million, respectively, of deferred tax assets included in other assets on our Consolidated Balance Sheets.

Summary of activity related to unrecognized tax benefits

The following table summarizes the activity related to our unrecognized tax benefits:

	2012				2011
	(In thousands)
Balance as of January 1	$	19,583			$	21,883
Additions to tax positions related to the current year	3,489				3,752
Additions to tax positions related to prior years	59				490
Subtractions to tax positions related to prior years	(968		)		(850		)
Subtractions to tax positions related to settlements	(47		)		—
Subtractions to tax positions as a result of the lapse of the statute of limitations	(2,650		)		(5,692		)
Balance as of December 31	$	19,466			$	19,583

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

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