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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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,
	2017				2016				2015
Income tax (expense) benefit at federal statutory income tax rate of 35%	$	10			$	(1,928	)		$	(1,727	)
State income tax (expense) benefit, net of federal income tax benefit	(100		)		(172		)		(117		)
Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act(1)	(10,974		)		—				—
State and local income tax (expense) benefit on pass-through entity subsidiaries	(87		)		(62		)		(86		)
Gross receipts and margin taxes	(143		)		(98		)		(170		)
Benefit of USVI Economic Development Commission credit	181				619				—
Other	89				58				(40		)
Valuation allowance	11,546				9				1,877
Total income tax (expense) benefit	$	522			$	(1,574	)		$	(263	)

________

⁽¹⁾ Partially offset within change in valuation allowance.

Schedule of Components of Income Tax Expense (Benefit)

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

	Year Ended December 31,
	2017				2016				2015
Current:
Federal	$	1,354			$	(231	)		$	(1,067	)
State	(217		)		(269		)		(252		)
Foreign	—				15				(37		)
Total current	1,137				(485		)		(1,356		)
Deferred:
Federal	(461		)		(1,049		)		953
State	(154		)		(40		)		140
Foreign	—				—				—
Total deferred	(615		)		(1,089		)		1,093
Total income tax (expense) benefit	$	522			$	(1,574	)		$	(263	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2017 and 2016, our net deferred tax asset, included in “other assets,” and net deferred tax liability, included in “accounts payable and accrued expenses,” respectively, on our consolidated balance sheets, consisted of the following (in thousands):

	December 31,
	2017				2016
Deferred tax assets:
Tax intangibles basis greater than book basis	$	957			$	1,227
Allowance for doubtful accounts	20				30
Unearned income	54				92
Unfavorable management contract liability	—				28
Federal and state net operating losses	13,911				22,866
Other	28				80
Accrued expenses	336				349
Tax property basis greater than book basis	1,381				4,117
Prepaid expenses	(2,379		)		(2,320		)
Net deferred tax asset	14,308				26,469
Valuation allowance	(15,422		)		(26,968		)
Net deferred tax asset (liability)	$	(1,114	)		$	(499	)

Summary of Valuation Allowance

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

	Year Ended December 31,
	2017				2016				2015
Balance at beginning of year	$	26,968			$	27,022			$	3,939
Additions	104				31				25,043
Deductions	(11,650		)		(85		)		(1,960		)
Balance at end of year	$	15,422			$	26,968			$	27,022

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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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-SubTopic 10
-Section 50
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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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.

+ References

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