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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Provision for Income Taxes from Continuing Operations

The income tax provision for continuing operations consists of the following (amounts in thousands):

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
CURRENT:		​			​			​
Federal	​	$	(21,936)	​	$	126	​	$	(101)
State	​		(8,595)	​		(1,077)	​		(457)
Total current provision	​		(30,531)	​		(951)	​		(558)
DEFERRED:	​			​			​
Federal	​		(9,115)	​		(3,646)	​		(13,565)
State	​		871	​		(360)	​		(12,961)
Total deferred provision	​		(8,244)	​		(4,006)	​		(26,526)
Total provision for income taxes	​	$	(38,775)	​	$	(4,957)	​	$	(27,084)

​

Summary of Taxability of Cash Distributions Paid on Common Shares

The estimated taxability of cash distributions to common shareholders is shown in the table below (per common share) (unaudited).

​

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
Ordinary income	​	$	0.28	​	$	—	​	$	—
Capital gains	​		0.07	​		—	​		0.05
Return of capital	​		—	​		—	​		1.80
​	​	$	0.35	​	$	—	​	$	1.85

​

Differences Between the Income Tax Provision 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% and the actual income tax provision recorded for continuing operations are as follows (amounts in thousands):

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
Statutory federal income tax (provision) benefit	​	$	(36,482)	​	$	39,868	​	$	91,085
Adjustment for nontaxable income of the REIT	​		3,565	​		(16,379)	​		(33,116)
Adjustment for noncontrolling interest in consolidated joint venture	​	​	—	​	​	(1,834)	​	​	(5,010)
State tax (provision) benefit (net of federal taxes)	​		(13,597)	​		8,581	​		5,876
Permanent share-based compensation adjustment	​		440	​		329	​		(579)
Other permanent items	​		(365)	​		(281)	​		(200)
Change in federal valuation allowance	​		1,914	​		(25,698)	​		(65,368)
Change in state valuation allowance (net of federal taxes)	​		5,873	​		(9,264)	​		(19,293)
Other	​		(123)	​		(279)	​		(479)
​	​	$	(38,775)	​	$	(4,957)	​	$	(27,084)

​

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):

​	​	​	​	​	​	​
​		2022			2021
DEFERRED TAX ASSETS:		​			​
Accounting reserves and accruals	​	$	26,293	​	$	26,340
Defined benefit plan	​		2,215	​		1,074
Deferred management rights proceeds	​		42,875	​		43,009
Federal and State net operating loss carryforwards	​		97,832	​		105,484
Tax credits and other carryforwards	​		5,182	​		1,484
Other assets	​		5,124	​		4,477
Total deferred tax assets	​		179,521	​		181,868
Valuation allowance	​		(118,015)	​		(125,387)
Total deferred tax assets, net of valuation allowance	​		61,506	​		56,481
DEFERRED TAX LIABILITIES:	​			​
Property and equipment, net	​		67,744	​		57,035
Investment in joint ventures	​	​	518	​	​	101
Other liabilities	​		6,159	​		4,016
Total deferred tax liabilities	​		74,421	​		61,152
Net deferred tax liabilities	​	$	(12,915)	​	$	(4,671)

​

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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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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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