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Income Taxes (Tables)

12 Months Ended

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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- References

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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

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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

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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