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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2016
INCOME TAXES |
Schedule of reconciliation of financial statement net income to federal taxable income | The following table reconciles financial statement net income to federal taxable income for the years indicated (amounts in thousands):
|  | 2016 Estimate |  | 2015 Actual |  | 2014 Actual |
Net income |  | $ | 24,422 |  | $ | 20,517 |  | $ | 22,116 |
Straight-line rent adjustments |  |  | (2,261 | ) |  | (996 | ) |  | (1,480 | )
Book gain on sale—(in excess of) less than tax gain |  |  | (2,281 | ) |  | (663 | ) |  | 10,522 |
Rent received in advance, net |  |  | 584 |  |  | (42 | ) |  | (180 | )
Adjustments for above/below market leases |  |  | (643 | ) |  | (564 | ) |  | (253 | )
Non-deductible portion of restricted stock expense |  |  | 1,193 |  |  | 614 |  |  | (149 | )
Federal excise tax, non-deductible |  |  | 6 |  |  | 174 |  |  | 302 |
Book depreciation in excess of tax depreciation |  |  | 4,248 |  |  | 3,799 |  |  | 2,970 |
Property acquisition costs—capitalized for tax purposes |  |  | 605 |  |  | 793 |  |  | 417 |
Impairment loss |  |  | — |  |  | — |  |  | 1,093 |
Other adjustments |  |  | (312 | ) |  | (193 | ) |  | 26 |
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Federal taxable income |  | $ | 25,561 |  | $ | 23,439 |  | $ | 35,384 |
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Schedule of reconciliation of cash dividends paid with the dividends paid deduction | The following table reconciles cash dividends paid with the dividends paid deduction for the years indicated (amounts in thousands):
|  | 2016 Estimate |  | 2015 Actual |  | 2014 Actual |
Dividends paid |  | $ | 29,135 |  | $ | 26,179 |  | $ | 24,117 |
Dividend reinvestment plan(a) |  |  | 181 |  |  | 228 |  |  | 197 |
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|  |  | 29,316 |  |  | 26,407 |  |  | 24,314 |
Less: Spillover dividends designated to previous year |  |  | (15,209 | ) |  | (18,177 | ) |  | (7,107 | )
Plus: Dividends designated from following year |  |  | 11,454 |  |  | 15,209 |  |  | 18,177 |
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Dividends paid deduction |  | $ | 25,561 |  | $ | 23,439 |  | $ | 35,384 |
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(a) | Reflects the up to 5% discount on common stock purchased through the dividend reinvestment plan.

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