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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Taxes |
(Provision) Benefit for Income Taxes from Continuing Operations | The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):
|  | 2018 |  | 2017 |  | 2016
CURRENT: |  |  |  |  |  |  |  |  |
Federal |  | $ | (118) |  | $ | (1,107) |  | $ | (1,788)
State |  |  | (1,437) |  |  | (2,375) |  |  | (1,291)
Total current provision |  |  | (1,555) |  |  | (3,482) |  |  | (3,079)
DEFERRED: |  |  |  |  |  |  |  |  |
Federal |  |  | (7,271) |  |  | 32,308 |  |  | 321
State |  |  | (2,919) |  |  | 18,299 |  |  | (642)
Effect of federal tax law change |  |  | — |  |  | 2,030 |  |  | —
Total deferred (provision) benefit |  |  | (10,190) |  |  | 52,637 |  |  | (321)
Total (provision) benefit for income taxes |  | $ | (11,745) |  | $ | 49,155 |  | $ | (3,400)
Summary of Taxability of Cash Distributions Paid on Common Shares | The estimated taxability of cash distributions to common shareholders is as follows (per common share):
|  | 2018 |  | 2017 |  | 2016
Ordinary income |  | $ | 2.67 |  | $ | 2.97 |  | $ | 2.98
Capital gains |  |  | 0.05 |  |  | 0.03 |  |  | 0.17
Return of capital |  |  | — |  |  | 0.15 |  |  | —
|  | $ | 2.72 |  | $ | 3.15 |  | $ | 3.15
Differences Between the Income Tax (Provision) Benefit Calculated at the Statutory U.S. Federal Income Tax Rate of 35% and the Actual Income Tax Benefit Recorded for Continuing Operations | The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 21% for 2018 and 35% for 2017 and 2016 and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):
|  | 2018 |  | 2017 |  | 2016
Statutory federal income tax provision |  | $ | (58,047) |  | $ | (44,431) |  | $ | (56,914)
Adjustment for nontaxable income of the REIT |  |  | 50,075 |  |  | 38,272 |  |  | 48,680
State taxes (net of federal tax benefit) |  |  | (4,268) |  |  | (1,317) |  |  | (1,705)
Permanent share-based compensation adjustment |  |  | 821 |  |  | 1,446 |  |  | 1,571
Other permanent items |  |  | (46) |  |  | (251) |  |  | (200)
Federal valuation allowance reversal |  |  | 46 |  |  | 36,156 |  |  | 5,519
State valuation allowance reversal (net of federal tax benefit) |  |  | (88) |  |  | 17,241 |  |  | (228)
Effect of federal tax law change |  |  | — |  |  | 2,030 |  |  | —
Other |  |  | (238) |  |  | 9 |  |  | (123)
|  | $ | (11,745) |  | $ | 49,155 |  | $ | (3,400)
Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):
|  | 2018 |  | 2017
DEFERRED TAX ASSETS: |  |  |  |  |  |
Accounting reserves and accruals |  | $ | 14,594 |  | $ | 14,830
Defined benefit plan |  |  | 4,620 |  |  | 4,148
Deferred management rights proceeds |  |  | 44,189 |  |  | 44,651
Federal and State net operating loss carryforwards |  |  | 59,382 |  |  | 44,789
Tax credits and other carryforwards |  |  | 870 |  |  | 640
Investment in joint ventures |  |  | — |  |  | 317
Other assets |  |  | 4,427 |  |  | 4,353
Total deferred tax assets |  |  | 128,082 |  |  | 113,728
Valuation allowance |  |  | (14,210) |  |  | (14,616)
Total deferred tax assets, net of valuation allowance |  |  | 113,872 |  |  | 99,112
DEFERRED TAX LIABILITIES: |  |  |  |  |  |
Property and equipment, net |  |  | 57,931 |  |  | 47,416
Investment in joint ventures |  |  | 14,135 |  |  | —
Goodwill and other intangibles |  |  | 478 |  |  | 705
Other liabilities |  |  | 771 |  |  | 874
Total deferred tax liabilities |  |  | 73,315 |  |  | 48,995
Net deferred tax assets |  | $ | 40,557 |  | $ | 50,117

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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