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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
			2020						2019						2018
Income tax (expense) benefit at federal statutory income tax rate of 21%			$	5,619					$	(6,509)					$	(3,452)
State income tax (expense) benefit, net of U.S. federal income tax benefit			3,136						107						(248)
State and local income tax (expense) benefit on pass-through entity subsidiaries			(5)						(16)						(64)
Gross receipts and margin taxes			(13)						(67)						(100)
Benefit of USVI Economic Development Commission credit			783						5,614						950
Other			311						16						(311)
Valuation allowance			(5,425)						(909)						793
Total income tax (expense) benefit			$	4,406					$	(1,764)					$	(2,432)

Schedule of Components of Income Tax Expense (Benefit)

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

			Year Ended December 31,
			2020						2019						2018
Current:
Federal			$	3,431					$	(765)					$	(2,536)
State			19						(235)						(703)
Total current income tax (expense) benefit			3,450						(1,000)						(3,239)
Deferred:
Federal			1,262						(357)						(80)
State			(306)						(407)						887
Total deferred income tax (expense) benefit			956						(764)						807
Total income tax (expense) benefit			$	4,406					$	(1,764)					$	(2,432)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2020 and 2019, 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,
			2020						2019
Deferred tax assets (liabilities):
Tax intangibles basis greater than book basis			$	718					$	1,101
Allowance for doubtful accounts			50						36
Unearned income			1,314						469
Federal and state net operating losses			14,166						13,344
Capital Loss Carryforward			523						192
Other			399						(4)
Accrued expenses			465						659
Tax property basis greater than book basis			(2,721)						(2,910)
Prepaid expenses			(91)						(2,377)
Net deferred tax asset			14,823						10,510
Valuation allowance			(14,938)						(11,581)
Net deferred tax asset (liability)			$	(115)					$	(1,071)

Summary of Valuation Allowance

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

			Year Ended December 31,
			2020						2019						2018
Balance at beginning of year			$	11,581					$	14,483					$	15,422
Additions			3,357						—						—
Deductions			—						(2,902)						(939)
Balance at end of year			$	14,938					$	11,581					$	14,483

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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.

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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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