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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Our provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2018				2017				2016
Current - Federal	$	66			$	622			$	—
State	984				1,221				1,297
Foreign	460				662				697
	1,510				2,505				1,994
Deferred - Federal	1,857				6,432				9,779
State	178				425				1,324
Foreign	(444		)		845				(698		)
	1,591				7,702				10,405
Income tax provision	$	3,101			$	10,207			$	12,399

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):

	Year Ended December 31,
	2018				2017				2016
Statutory federal tax provision (1)	$	19,089			$	35,729			$	44,518
Tax impact of REIT election	(14,439		)		(22,277		)		(31,101		)
State income tax provision, net of federal tax benefit	705				1,652				1,703
Foreign income tax benefit	(2,927		)		(430		)		(3,080		)
Tax reform impact on U.S. taxes	—				(2,143		)		—
Tax reform impact on foreign taxes	—				(2,076		)		—
Other	673				(248		)		359
Income tax provision	$	3,101			$	10,207			$	12,399

_____________________________

(1) Beginning January 1, 2018, the U.S. federal income tax rate decreased from 35% to 21%.

Schedule of Deferred Tax Assets and Liabilities

The total deferred tax assets and liabilities are as follows (in thousands):

	2018				2017
Federal
Net operating loss carryforwards	$	1,983			$	3,099
Deferred income related to key money	2,465				2,549
Alternative minimum tax credit carryforwards	103				169
Other	326				355
Depreciation and amortization	(9,188		)		(8,889		)
Federal - Deferred tax (liabilities) assets, net	$	(4,311	)		$	(2,717	)
State
Net operating loss carryforwards	$	2,975			$	3,126
Deferred income related to key money	780				801
Alternative minimum tax credit carryforwards	80				81
Other	103				111
Depreciation and amortization	(2,906		)		(2,803		)
Less: Valuation allowance	(700		)		(400		)
State - Deferred tax assets, net	$	332			$	916
Foreign (USVI)
Deferred income related to key money	$	—			$	95
Depreciation and amortization	(255		)		(796		)
Other	—				1
Land basis recorded in purchase accounting	(2,617		)		(2,617		)
Foreign - Deferred tax liabilities, net	$	(2,872	)		$	(3,317	)

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Topic 740
-SubTopic 10
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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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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 12
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