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Income Taxes | 12 Months Ended
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Dec. 31, 2022
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, 2022, 2021 and 2020 is summarized as follows:
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | (26) |  |  | $ | (173) |
State and local | (1,120) |  |  | (1,267) |  |  | (1,411) |
Deferred federal(1) | 18 |  |  | — |  |  | — |
Total | $ | (1,102) |  |  | $ | (1,293) |  |  | $ | (1,584) |
(1) The net deferred tax asset is included in Other assets on the accompanying consolidated balance sheets at December 31, 2022. This net deferred tax asset relates primarily to a net operating loss carryforward. The income tax provision differs from the amount computed by applying the statutory federal income tax rate to pre-tax operating income as follows:
| 2022 |  | 2021 |  | 2020
Federal provision at statutory tax rate (21%) | $ | 18 |  |  | $ | (35) |  |  | $ | (195) |
State and local taxes, net of federal benefit | — |  |  | — |  |  | (77) |
Other | (1,120) |  |  | (1,258) |  |  | (1,312) |
Total | $ | (1,102) |  |  | $ | (1,293) |  |  | $ | (1,584) |
For the years ended December 31, 2022, 2021 and 2020, the “other” amount is comprised primarily of state franchise taxes of $1,121, $1,267 and $1,314, respectively. As of December 31, 2022, the Company had estimated net operating loss carry forward for income tax reporting purposes of $84. 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, 2022, is as follows:
| 2022 |  | 2021 |  | 2020
Total dividends per share | $ | 0.48 |  |  | $ | 0.43 |  |  | $ | 0.42 |
Ordinary income | 81.26 | % |  | 65.89 | % |  | 95.10 | %
Qualifying dividend | — | % |  | 0.1 | % |  | 0.6 | %
Capital gain | — |  |  | — |  |  | — |
Return of capital | 18.74 | % |  | 34.01 | % |  | 4.3 | %
| 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, 2022, is as follows:
| 2022 |  | 2021 |  | 2020
Total dividends per share | $ | 3.25 |  |  | $ | 3.25 |  |  | $ | 3.25 |
Ordinary income | 100.00 | % |  | 99.84 | % |  | 99.38 | %
Qualifying dividend | — | % |  | 0.16 | % |  | 0.62 | %
Capital gain | — |  |  | — |  |  | — |
Return of capital | — |  |  | — |  |  | — |
| 100.00 | % |  | 100.00 | % |  | 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/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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