XML 61 R47.htm IDEA: XBRL DOCUMENT v2.4.1.9

Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of Net Deferred Tax Assets

Components of our net deferred tax assets at December 31, 2014 and 2013 are presented in the following table.

Deferred Tax Assets (Liabilities)

(In Thousands)		December 31, 2014				December 31, 2013
Deferred tax assets
Net operating loss carryforward – state		$	91,579				90,138
Net capital loss carryforward – state			27,308				34,189
Net operating loss carryforward – federal			18,765				10,254
Net capital loss carryforward – federal			7,903				6,905
Allowances and accruals			2,355				5,667
Other			210				170
Total deferred tax assets			148,120				147,323
Deferred Tax Liabilities
Real estate assets			(44,402	)			(34,935	)
Interest rate agreements			(87	)			(535	)
Tax effect of unrealized gains – OCI			(2,684	)			—
Total deferred tax liabilites			(47,173	)			(35,470	)
Valuation allowance			(111,183	)			(119,169	)
Total Deferred Tax Liabilities, net of Valuation Allowance		$	(10,236	)		$	(7,316	)

Provision for (Benefit from) Income Taxes

The following table summarizes the provision for income taxes for the years ended December 31, 2014, 2013, and 2012.

Provision for Income Taxes

		Years Ended December 31,
(In Thousands)		2014				2013				2012
Current provision for income taxes
Federal		$	24			$	3,490			$	944
State			17				142				347
Total current provision for income taxes			41				3,632				1,291
Deferred provision for income taxes
Federal			703				7,316				—
Total Provision for Income Taxes		$	744			$	10,948			$	1,291

Reconciliation of Statutory Tax Rate to Effective Tax Rate

The following is a reconciliation of the statutory federal and state rates to the effective rates, for the years ended December 31, 2014 and 2013.

Reconciliation of Statutory Tax Rate to Effective Tax Rate

		Years Ended Decmber 31,
		2014				2013
Federal statutory rate			34.0 %				34.0%
State statutory rate, net of Federal tax effect			7.2 %				7.2%
Differences in taxable (loss) income from GAAP income			(14.5)%				(1.9)%
Change in valuation allowance			(0.1)%				(16.4)%
Dividends paid deduction			(25.9)%				(17.0)%
Effective Tax Rate			0.7 %				5.9%

X

- 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=6907707&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=6907707&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration