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FEDERAL INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]  
Schedule of Tax Status of Dividends
The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
 
 
For the years ended December 31,
 
 
2015
 
2014
 
2013
Ordinary income
 
68
%
 
69
%
 
87
%
Qualified dividend
 
—
%
 
—
%
 
—
%
Capital gain
 
32
%
 
31
%
 
13
%
 
 
100
%
 
100
%
 
100
%
Schedule of TRS Income and Provision for Income Taxes
The Company’s TRS income and provision for income taxes associated with the TRS for the years ended December 31, 2015, 2014 and 2013 are summarized as follows:
(dollars in thousands)
 
2015
 
2014
 
2013
TRS income (loss) before income taxes
 
$
1,008

 
$
(36
)
 
$
(2,225
)
(Provision) benefit for income taxes:
 


 


 


Federal
 
(526
)
 
(377
)
 
276

State and local
 
(134
)
 
(97
)
 
71

TRS net income (loss) before noncontrolling interests
 
348

 
(510
)
 
(1,878
)
Noncontrolling interests
 
(208
)
 
(508
)
 
267

TRS net income (loss)
 
$
140

 
$
(1,018
)
 
$
(1,611
)
Schedule of Effective Income Tax Rate Reconciliation
The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):

(dollars in thousands)
 
2015
 
2014
 
2013
Federal tax provision (benefit) at statutory tax rate
 
$
343

 
$
(12
)
 
$
(757
)
TRS state and local taxes, net of Federal benefit
 
53

 
(2
)
 
(117
)
Tax effect of:
 
 
 
 
 
 
Permanent differences, net
 
396

 
446

 
496

Prior year underaccrual, net
 
938

 
1

 
128

Restricted stock vesting
 
(5
)
 
(20
)
 
(2
)
Other
 
(126
)
 
61

 
127

REIT state and local income and franchise taxes
 
188

 
155

 
144

Total provision for income taxes
 
$
1,787

 
$
629

 
$
19