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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes 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 | )
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 | %
Our 2016 effective tax rate includes a 19 percent benefit from a valuation allowance decrease due to a decrease in our deferred tax assets. Our 2015 effective tax rate includes a 348 percent detriment from the recording of a valuation allowance. 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 | )
At year-end 2016, we had approximately $7,500,000 and $64,200,000 of federal and state net operating loss carryforwards. Approximately $7,500,000 of the federal and $2,400,000 of the state net operating loss carryforwards were from our acquisition of Credo at third quarter 2012 and are subject to certain limitations. If not utilized, the federal carryforwards will expire in 2031 and the state carryforwards will expire in 2017 to 2036. We had approximately $9,200,000 of oil and gas percentage depletion carryforwards of which approximately $9,200,000 were a result of our acquisition of Credo and are subject to certain limitations. We had approximately $5,900,000 of AMT credit carryforwards. The percentage depletion and AMT credit carryforwards do not expire. Goodwill associated with our oil and gas and mineral resources enterprise are not deductible for income tax purposes. At year-end 2016 and 2015, we have provided a valuation allowance for our deferred tax asset of $73,405,000 and $97,068,000 respectively for the portion of the deferred tax asset that is more likely than not to be unrealizable. The decrease in the valuation allowance for the year was $23,663,000. In determining our valuation allowance, we assessed available positive and negative evidence to estimate whether sufficient future taxable income would be generated to permit use of the existing deferred tax asset. A significant piece of objective evidence was the cumulative loss incurred over the three-year period ended December 31, 2016, principally driven by impairments of oil and gas and real estate assets. Such evidence limited our ability to consider other subjective evidence, such as our projected future taxable income. The amount of deferred tax asset considered realizable could be adjusted if negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence, such as our projected future taxable income. We file income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. We are no longer subject to U.S. federal and state income tax examinations for years before 2012. At year-end 2016, our unrecognized tax benefit for book purposes was $2,499,000 as a result of tax positions taken in the current year. We did not have any unrecognized tax benefits for the years 2015 and 2014. If the total amount of unrecognized tax benefits were recognized, it would result in a deferred tax asset and a corresponding increase in our valuation allowance. Therefore, such tax benefit would not affect the effective tax rate if recognized in the current year. We recognize interest accrued related to unrecognized tax benefits in income tax expense. In 2016, 2015 and 2014, we recognized no interest expense. At year-end 2016 and 2015, we have no accrued interest or penalties.

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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=65882285&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=65882285&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=65882285&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=65882285&loc=d3e32537-109319 + Details
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