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Income Taxes | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income taxes relates primarily to the taxable income of the Company's taxable REIT subsidiaries. The earnings, other than in taxable REIT subsidiaries, of the Company are not generally subject to federal income taxes at the Company level due to the REIT election made by the Company. Income taxes have been provided for on the asset and liability method. Under the asset and liability method, deferred income taxes are recognized for the temporary differences between the financial reporting basis and the tax basis of assets and liabilities. The Company's provision for income taxes for the years ended December 31, 2015, 2014 and 2013 is summarized as follows:
| 2015 |  | 2014 |  | 2013
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | 145 |  |  | $ | (1,445 | )
State and local | (645 | ) |  | (1,130 | ) |  | (1,593 | )
NOL utilized | — |  |  | — |  |  | 586 |
Deferred: |  |  |  |  |
Federal | 59 |  |  | (91 | ) |  | (595 | )
State and local | 18 |  |  | (33 | ) |  | (130 | )
| $ | (568 | ) |  | $ | (1,109 | ) |  | $ | (3,177 | )
Net deferred tax assets (liabilities) of $59 and $(19) are included in other assets (liabilities) on the accompanying Consolidated Balance Sheets at December 31, 2015 and 2014, respectively. These net deferred tax assets (liabilities) relate primarily to differences in the timing of the recognition of income (loss) between GAAP and tax and net operating loss carry forwards. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:
| 2015 |  | 2014 |  | 2013
Federal provision at statutory tax rate (34%) | $ | 65 |  |  | $ | (43 | ) |  | $ | 164 |
State and local taxes, net of federal benefit | 12 |  |  | (9 | ) |  | 22 |
Other | (645 | ) |  | (1,057 | ) |  | (3,363 | )
| $ | (568 | ) |  | $ | (1,109 | ) |  | $ | (3,177 | )
For the years ended December 31, 2015, 2014 and 2013, the “other” amount is comprised primarily of state franchise taxes of $679, $1,183 and $1,280, respectively, the write-off of deferred tax liabilities (asset) of $0, $0 and $(150), respectively, and permanent differences of $0, $0, and $1,936, respectively, relating to the transfer of certain assets of the Company's taxable subsidiaries. As of December 31, 2015 and 2014, the Company had estimated net operating loss carry forwards for income tax reporting purposes of $146 and $0, respectively, which will begin to expire in tax year 2035. A summary of the average taxable nature of the Company's common dividends for each of the years in the three-year period ended December 31, 2015, is as follows:
| 2015 |  | 2014 |  | 2013
Total dividends per share | $ | 0.68 |  |  | $ | 0.67 |  |  | $ | 0.60 |
Ordinary income | 63.07 | % |  | 49.44 | % |  | 35.53 | %
Qualifying dividend | — |  |  | 0.05 | % |  | 4.11 | %
Capital gain | — |  |  | — |  |  | 2.09 | %
Return of capital | 36.93 | % |  | 50.51 | % |  | 58.27 | %
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
A summary of the average taxable nature of the Company's dividend on shares of its Series C Preferred for each of the years in the three-year period ended December 31, 2015, is as follows:
| 2015 |  | 2014 |  | 2013
Total dividends per share | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |
Ordinary income | 100.00 | % |  | 99.90 | % |  | 85.14 | %
Qualifying dividend | — |  |  | 0.10 | % |  | 9.85 | %
Capital gain | — |  |  | — |  |  | 5.01 | %
Return of capital | — |  |  | — |  |  | — | %
| 100.00 | % |  | 100.00 | % |  | 100.00 | %
A summary of the average taxable nature of the Company's dividend on shares of its Series D Cumulative Redeemable Preferred Stock for the years in the three-year period ended December 31, 2015, is as follows:
| 2015 |  | 2014 |  | 2013
Total dividends per share | $ | — |  |  | $ | — |  |  | $ | 1.043368 |
Ordinary income | — |  |  | — |  |  | 85.14 | %
Qualifying dividend | — |  |  | — |  |  | 9.85 | %
Capital gain | — |  |  | — |  |  | 5.01 | %
Return of capital | — |  |  | — |  |  | — | %
| — |  |  | — |  |  | 100.00 | %

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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