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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciles the Income Tax Expense at Statutory Rates to the Actual Income Tax Expense

The following table reconciles the income tax (expense) benefit at statutory rates to the actual income tax (expense) benefit recorded (in thousands):

			Year Ended December 31,
			2022						2021						2020
Income tax (expense) benefit at federal statutory income tax rate of 21%			$	(9,291)					$	(6,513)					$	29,811
State income tax (expense) benefit, net of U.S. federal income tax benefit			(1,219)						(413)						4,014
Permanent differences			(2,342)						(238)						415
Provision to return adjustment			1,971						60						(228)
Gross receipts and margin taxes			(506)						(199)						(347)
Interest and penalties			(199)						(18)						(13)
Valuation allowance			5,250						1,373						(32,317)
Total income tax (expense) benefit			$	(6,336)					$	(5,948)					$	1,335

Components of Income Tax Benefit (Expense) From Continuing Operations

The components of income tax (expense) benefit are as follows (in thousands):

			Year Ended December 31,
			2022						2021						2020
Current:
Federal			$	(4,616)					$	(4,950)					$	826
State			(1,773)						(885)						(549)
Total current income tax (expense) benefit			(6,389)						(5,835)						277
Deferred:
Federal			53						(113)						927
State			—						—						131
Total deferred income tax (expense) benefit			53						(113)						1,058
Total income tax (expense) benefit			$	(6,336)					$	(5,948)					$	1,335

Deferred Tax Asset (Liability) and Related Valuation Allowance

At December 31, 2022 and 2021, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands):

			December 31,
			2022						2021
Allowance for doubtful accounts			$	104					$	93
Unearned income			950						1,119
Federal and state net operating losses			22,367						28,553
Capital loss carryforward			7,440						7,442
Accrued expenses			1,781						1,466
Prepaid expenses			(22)						(44)
Tax property basis less than book basis			(2,483)						(2,302)
Tax derivatives basis greater than book basis			315						322
Other			321						1,676
Deferred tax asset (liability)			30,773						38,325
Valuation allowance			(31,205)						(38,810)
Net deferred tax asset (liability)			$	(432)					$	(485)

Summarize the Changes in the Valuation Allowance

The following table summarizes the changes in the valuation allowance (in thousands):

			Year Ended December 31,
			2022						2021						2020
Balance at beginning of year			$	38,810					$	40,029					$	7,712
Additions			—						—						32,317
Deductions			(7,605)						(1,219)						—
Balance at end of year			$	31,205					$	38,810					$	40,029

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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
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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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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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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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