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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Tax Expense | Income tax (expense) benefit from continuing operations consists of:
| For the Year
| 2016 |  | 2015 |  | 2014
| (In thousands)
Current tax provision: |  |  |  |  |
U.S. Federal | $ | (15,089 | ) |  | $ | 6,740 |  |  | $ | (18,905 | )
State and other | (1,520 | ) |  | (418 | ) |  | (2,182 | )
| (16,609 | ) |  | 6,322 |  |  | (21,087 | )
Deferred tax provision: |  |  |  |  |
U.S. Federal | 1,382 |  |  | (38,262 | ) |  | 184 |
State and other | (75 | ) |  | (3,191 | ) |  | 53 |
| 1,307 |  |  | (41,453 | ) |  | 237 |
Income tax (expense) benefit | $ | (15,302 | ) |  | $ | (35,131 | ) |  | $ | (20,850 | )
Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations | A reconciliation of the federal statutory rate to the effective income tax rate on continuing operations follows:
| For the Year
| 2016 |  | 2015 |  | 2014
Federal statutory rate (benefit) | 35 | % |  | 35 | % |  | 35 | %
State, net of federal benefit | — |  |  | 10 |  |  | 2 |
Valuation allowance | (19 | ) |  | 348 |  |  |  |
Noncontrolling interests | (1 | ) |  | (3 | ) |  | — |
Installment sale ace adjustment | 2 |  |  | — |  |  | — |
Stock based compensation | — |  |  | 5 |  |  | — |
Charitable contributions | — |  |  | — |  |  | (1 | )
Oil and gas percentage depletion | — |  |  | (1 | ) |  | — |
Other | — |  |  | 1 |  |  | — |
Effective tax rate | 17 | % |  | 395 | % |  | 36 | %
Significant Components of Deferred Taxes | Significant components of deferred taxes are:
| At Year-End
| 2016 |  | 2015
| (In thousands)
Deferred Tax Assets: |  |  |
Real estate | $ | 50,759 |  |  | $ | 69,594 |
Employee benefits | 13,185 |  |  | 15,752 |
Net operating loss carryforwards | 2,804 |  |  | 13,827 |
Oil and gas properties | 1,672 |  |  | 5,510 |
AMT credits | 5,900 |  |  | 3,620 |
Income producing properties | 2,055 |  |  | — |
Oil and gas percentage depletion carryforwards | 3,478 |  |  | 3,616 |
Accruals not deductible until paid | 552 |  |  | 911 |
Other assets | — |  |  | 139 |
Gross deferred tax assets | 80,405 |  |  | 112,969 |
Valuation allowance | (73,405 | ) |  | (97,068 | )
Deferred tax asset net of valuation allowance | 7,000 |  |  | 15,901 |
Deferred Tax Liabilities: |  |  |
Undeveloped land | (1,359 | ) |  | (7,588 | )
Convertible debt | (5,035 | ) |  | (6,516 | )
Income producing properties | — |  |  | (2,257 | )
Timber | (283 | ) |  | (577 | )
Gross deferred tax liabilities | (6,677 | ) |  | (16,938 | )
Net Deferred Tax Asset (Liability) | $ | 323 |  |  | $ | (1,037 | )

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- Definition 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 Reference 1: 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=65882285&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: 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=65882285&loc=d3e32537-109319 + Details
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