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Note 11 - Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] |
11. | INCOME TAXES
GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. In 2013, the tax liability for uncertain tax positions was reduced by $248,000 to $0 because of expiration of statutes of limitations and the IRS settlement. As of December 31, 2014 and 2013, total accrued interest for uncertain income tax positions was $0 and $296,000, respectively. The Company recognizes accrued interest related to unrecognized tax benefits as interest expense and penalties in general and administrative expense in its statements of operations and such amounts are included in income taxes payable in the Company’s balance sheets. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the year ended December 31, 2013 is as follows:
|  | 2013 |
|  | (in thousands) |
Balance at beginning of year |  | $ | 248 |
Settlement adjustments for tax provisions of prior years |  |  | (220 | )
Expiration of statutes of limitations |  |  | (28 | )
Balance at end of year |  | $ | - |
In 2013, the income tax benefit from the reversal of the tax liability discussed above was included in income from discontinued operations as it related to the Company’s former agriculture operations that were discontinued in 2009. The Company also recorded a $0.5 million reversal of accrued income taxes payable and interest resulting from its settlement with the IRS. Reconciliations between the total income tax expense (benefit) and the amount computed using the statutory federal rate of 35% for the years ended December 31, 2014 and 2013 were as follows:
|  | 2014 |  |  | 2013 |
|  | (in thousands) |
Federal income tax expense (benefit) at statutory rate |  | $ | 6,172 |  |  | $ | (1,061 | )
Adjusted for: |  |  |  |  |  |  |  |
Valuation allowance |  |  | (6,170 | ) |  |  | 1,034 |
Permanent differences and other |  |  | (2 | ) |  |  | 27 |
Income tax benefit - continuing operations |  | $ | - |  |  | $ | - |
Deferred tax assets were comprised of the following temporary differences as of December 31, 2014 and 2013:
|  | 2014 |  |  | 2013 |
|  | (in thousands) |
Net operating loss and tax credit carryforwards |  | $ | 50,361 |  |  | $ | 46,205 |
Joint venture and other investments |  |  | 238 |  |  |  | 294 |
Accrued retirement benefits |  |  | 2,550 |  |  |  | 7,458 |
Property net book value |  |  | 2,715 |  |  |  | 2,825 |
Deferred revenue |  |  | 1,160 |  |  |  | 1,522 |
Stock compensation |  |  | 154 |  |  |  | 150 |
Reserves and other |  |  | 447 |  |  |  | 671 |
Total deferred tax assets |  |  | 57,625 |  |  |  | 59,125 |
Valuation allowance |  |  | (57,625 | ) |  |  | (59,125 | )
Net deferred tax assets |  | $ | - |  |  | $ | - |
Valuation allowances have been established to reduce future tax benefits not expected to be realized. The change in the deferred tax asset related to accrued retirement benefits and the valuation allowance includes the pension adjustment included in accumulated other comprehensive income, which is not included in the current provision. The Company had $108.5 million in federal net operating loss carry forwards at December 31, 2014, that expire from 2028 through 2033. The Company had $124.2 million in state net operating loss carry forwards at December 31, 2014, that expire from 2028 through 2033. In April 2013, the Company and the IRS arrived at a settlement which concluded the IRS examination of the Company’s federal income tax returns for 2003 through 2008. Under terms of the settlement, the Company agreed to pay $1.8 million to the IRS, of which $0.6 million and $0.7 million were paid in 2014 and 2013, respectively. As a result of the settlement, the Company reversed $0.5 million it had previously accrued in income taxes payable and accrued interest in estimating its exposure for this matter during 2013. The reversal has been reported in discontinued operations in the accompanying financial statements as it related to the Company’s former agricultural operations. The Company is subject to routine audits by taxing jurisdictions and there are currently no audits for any tax periods in progress. As of December 31, 2014, tax years prior to 2011 are no longer subject to examination for U.S. tax purposes.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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