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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Summary of Income Tax Provision

The income tax provision for the years ended December 31, 2017, 2016 and 2015 is comprised of the following components (dollar amounts in thousands):

	Years Ended December 31,
	2017				2016				2015
Current income tax expense
Federal	$	1,243			$	2,771			$	3,158
State	2,130				187				1,283
Total current income tax expense	3,373				2,958				4,441
Deferred income tax (benefit) expense
Federal	(25		)		104				69
State	7				33				25
Total deferred income tax (benefit) expense	(18		)		137				94
Total provision	$	3,355			$	3,095			$	4,535

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2017, 2016 and 2015, respectively, are as follows (dollar amounts in thousands).

	December 31,
	2017							2016							2015
Provision at statutory rate	$	33,367			35.0	%		$	24,561			35.0	%		$	28,892			35.0	%
Non-taxable REIT income	(29,857		)		(31.3	)		(20,672		)		(29.5	)		(25,733		)		(31.2	)
State and local tax provision	2,130				2.2			187				0.3			1,284				1.6
Other	1,511				1.6			(502		)		(0.7	)		24,047				29.1
Valuation allowance	(3,796		)		(4.0	)		(479		)		(0.7	)		(23,955		)		(29.0	)
Total provision	$	3,355			3.5	%		$	3,095			4.4	%		$	4,535			5.5	%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2017 and 2016 are as follows (dollar amounts in thousands):

	December 31, 2017				December 31, 2016
Deferred tax assets
Net operating loss carryforward	$	295			$	2,287
Net capital loss carryforward	—				1,123
GAAP/Tax basis differences	2,237				3,059
Total deferred tax assets (1)	2,532				6,469
Deferred tax liabilities
Deferred tax liabilities	144				303
Total deferred tax liabilities (2)	144				303
Valuation allowance (1)	(2,182		)		(5,978		)
Total net deferred tax asset	$	206			$	188

⁽¹⁾  Included in receivables and other assets in the accompanying consolidated balance sheets.

⁽²⁾  Included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.

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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=84230637&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=84230637&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=84230637&loc=d3e32687-109319

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