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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the income tax expense at statutory rates to the actual income tax expense recorded (in thousands):

	Year Ended December 31,
	2016				2015				2014
Income tax expense at federal statutory income tax rate of 35%	$	(1,928	)		$	(1,727	)		$	(2,299	)
State income tax expense, net of federal income tax benefit	(172		)		(117		)		(279		)
State and local income tax expense on pass-through entity subsidiaries	(62		)		(86		)		(56		)
Gross receipts and margin taxes	(98		)		(170		)		(193		)
Benefit of USVI Economic Development Commission credit	619				—				—
Other	58				(40		)		(2		)
Valuation allowance	9				1,877				1,732
Total income tax (expense) benefit	$	(1,574	)		$	(263	)		$	(1,097	)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense are as follows (in thousands):

	Year Ended December 31,
	2016				2015				2014
Current:
Federal	$	(231	)		$	(1,067	)		$	(824	)
State	(269		)		(252		)		(315		)
Foreign	15				(37		)		—
Total current	(485		)		(1,356		)		(1,139		)
Deferred:
Federal	(1,049		)		953				76
State	(40		)		140				(34		)
Foreign	—				—				—
Total deferred	(1,089		)		1,093				42
Total income tax (expense) benefit	$	(1,574	)		$	(263	)		$	(1,097	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2016 and 2015, our net deferred tax asset, included in “other assets”, and net deferred tax liability, included in “accounts payable and accrued expenses”, respectively, on the consolidated balance sheets, consisted of the following (in thousands):

	December 31,
	2016				2015
Deferred tax assets:
Tax intangibles basis greater than book basis	$	1,227			$	1,214
Allowance for doubtful accounts	30				20
Unearned income	92				108
Unfavorable management contract liability	28				63
Federal and state net operating losses	22,866				22,672
Other	80				8
Accrued expenses	349				256
Tax property basis greater than book basis	4,117				4,429
Prepaid expenses	(2,320		)		(1,158		)
Net deferred tax asset	26,469				27,612
Valuation allowance	(26,968		)		(27,022		)
Net deferred tax asset (liability)	$	(499	)		$	590

Summary of Valuation Allowance

The following table summarizes the changes in the valuation allowance (in thousands):

	Year Ended December 31,
	2016				2015				2014
Balance at beginning of year	$	27,022			$	3,939			$	3,920
Additions	31				25,043				1,945
Deductions	(85		)		(1,960		)		(1,926		)
Balance at end of year	$	26,968			$	27,022			$	3,939

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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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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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.

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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.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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