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Note 8 - Income Taxes | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
8 . | 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. Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of 35% for the years ended December 31, 2016 and 2015 were as follows:
|  | 2016 |  |  | 2015 |
|  | (in thousands) |
Federal income tax expense (benefit) at statutory rate |  | $ | 7,635 |  |  | $ | 2,385 |
Adjusted for: |  |  |  |  |  |  |  |
Valuation allowance |  |  | (7,603 | ) |  |  | (2,390 | )
Permanent differences and other |  |  | (32 | ) |  |  | 5 |
Income tax benefit - continuing operations |  | $ | - |  |  | $ | - |
Deferred tax assets were comprised of the following temporary differences as of December 31, 2016 and 2015:
|  | 2016 |  |  | 2015 |
|  | (in thousands) |
Net operating loss and tax credit carryforwards |  | $ | 38,915 |  |  | $ | 47,640 |
Joint venture and other investments |  |  | 18 |  |  |  | 183 |
Accrued retirement benefits |  |  | 3,924 |  |  |  | 3,608 |
Property net book value |  |  | 2,801 |  |  |  | 3,275 |
Deferred revenue |  |  | 953 |  |  |  | 1,101 |
Stock compensation |  |  | 22 |  |  |  | 22 |
Reserves and other |  |  | 404 |  |  |  | 408 |
Total deferred tax assets |  |  | 47,037 |  |  |  | 56,237 |
Valuation allowance |  |  | (47,037 | ) |  |  | (56,237 | )
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 loss, which is not included in the current provision. The Company had $82.6 million in federal net operating loss carry forwards at December 31, 2016, that expire from 2028 through 2033. The Company had $97.4 million in state net operating loss carry forwards at December 31, 2016, that expire from 2028 through 2033.

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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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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