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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
			2022						2021						2020
Income tax (expense) benefit at federal statutory income tax rate of 21%			$	(6,463)					$	(2,652)					$	5,619
State income tax (expense) benefit, net of U.S. federal income tax benefit			(1,961)						574						3,136
State and local income tax (expense) benefit on pass-through entity subsidiaries			(17)						(9)						(5)
Gross receipts and margin taxes			(69)						(26)						(13)
Benefit of USVI Economic Development Commission credit			3,358						3,346						783
Benefits of Puerto Rico tax incentives			1,474						—						—
Other			126						(251)						311
Valuation allowance			(491)						(2,306)						(5,425)
Total income tax (expense) benefit			$	(4,043)					$	(1,324)					$	4,406

Schedule of Components of Income Tax Expense (Benefit)

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

			Year Ended December 31,
			2022						2021						2020
Current:
Federal			$	(3,745)					$	(1,477)					$	3,431
State			(247)						(21)						19
Total current income tax (expense) benefit			(3,992)						(1,498)						3,450
Deferred:
Federal			(51)						131						1,262
State			—						43						(306)
Total deferred income tax (expense) benefit			(51)						174						956
Total income tax (expense) benefit			$	(4,043)					$	(1,324)					$	4,406

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2022 and 2021, our net deferred tax asset, included in “other assets,” on our consolidated balance sheets, consisted of the following (in thousands):

			December 31,
			2022						2021
Deferred tax assets (liabilities):
Tax intangibles basis greater than book basis			$	722					$	722
Allowance for doubtful accounts			76						28
Unearned income			2,769						2,147
Federal and state net operating losses			16,452						15,677
Capital loss carryforward			525						529
Other			(48)						178
Accrued expenses			1,133						612
Tax property basis greater than book basis			(2,935)						(2,487)
Prepaid expenses			(59)						(4)
Net deferred tax asset			18,635						17,402
Valuation allowance			(18,627)						(17,343)
Net deferred tax asset (liability)			$	8					$	59

Summary of Valuation Allowance

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

			Year Ended December 31,
			2022						2021						2020
Balance at beginning of year			$	17,343					$	14,938					$	11,581
Additions			1,284						2,405						3,357
Deductions			—						—						—
Balance at end of year			$	18,627					$	17,343					$	14,938

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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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