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Note 7 - Income Taxes
 3 Months Ended
Mar. 31, 2013
Income Tax Disclosure [Text Block]
7.  
Income Taxes

The Company and its subsidiaries file U.S. federal and various U.S. state income tax returns. Current income tax expense (benefit) represents federal and state taxes based on tax paid or expected to be payable for the periods shown in the statement of operations.  The income tax expense (benefit) in the accompanying condensed consolidated financial statements consists of the following (amounts in thousands):

   
Three Months Ended
March 31,
 
   
2013
   
2012
 
Current tax benefit
  $ (2,661 )   $ (1,025 )
Deferred tax benefit
    (139 )     (2,951 )
Total tax benefit
  $ (2,800 )   $ (3,976 )

The deferred tax benefit in the three months ended March 31, 2013 reflects, among other temporary timing differences, the impact of lower tax depreciation than book depreciation offset by the impact of the amortization of goodwill for tax purposes.  The deferred tax benefit in the three months ended March 31, 2012 primarily reflects the impact of $2.4 million related to the $6.7 million increase in the net income attributable to RLW’s noncontrolling interests for the amendment discussed in Note 9.  The 2013 deferred income tax benefit is expected to be deductible in future years.

The income tax benefit differs from the amounts using the statutory federal income tax rate of 35% for the following reasons (amounts in thousands, except for percentages):

   
2013
   
2012
 
   
Amount
   
%
   
Amount
   
%
 
Tax benefit at the U.S. federal statutory rate
  $ (2,526 )     35.0 %   $ (1,323 )     35.0 %
State franchise and income tax based on income, net of refunds and federal benefits
    (115 )     1.6       (15 )     0.4  
Taxes on subsidiaries’ and joint ventures’ earnings allocated to noncontrolling ownership interests
    (59 )     0.8       (2,694 )     71.2  
Non-taxable interest income
    (80 )     1.1       (122 )     3.2  
Other permanent differences
    (20 )     0.3       178       (4.6 )
Income tax benefit
  $ (2,800 )     38.8 %   $ (3,976 )     105.2 %

As a result of the Company’s analysis, management has determined that the Company does not have any material uncertain tax positions.