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Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
Income Taxes

12. Income Taxes

The components of the provision for (benefit from) income taxes for the years ended December 31, 2011, 2010 and 2009 are as follows (in thousands):

 

     Year Ended
December 31,  2011		      Year Ended
December 31,  2010		      Year Ended
December 31, 2009		  

Current:

         

Federal

    $ 114       $ —         $ —     

State and local

      106         40         122   
  

 

 

     

 

 

     

 

 

  
     220         40         122   
  

 

 

     

 

 

     

 

 

  

Deferred:

         

Federal

      576         164         (1,552 ) 

State and local

      109         10         (377 ) 
  

 

 

     

 

 

     

 

 

  
     685         174         (1,929 ) 
  

 

 

     

 

 

     

 

 

  
   $ 905       $ 214       $ (1,807 ) 
  

 

 

     

 

 

     

 

 

  

 

A reconciliation of the statutory federal income tax provision (benefit) to the Company's provision for (benefit from) income tax is as follows (in thousands):

 

     Year Ended
December 31,
2011		     Year Ended
December 31,
2010		     Year Ended
December 31,
2009		  

Statutory federal income tax benefit

    $ (1,894 )    $ (1,033 )    $ (1,638 ) 

Effect of non-taxable REIT income

      2,584        1,197        86   

State income tax provision (benefit)

      215        50        (255 ) 
  

 

 

    

 

 

    

 

 

  
   $ 905      $ 214      $ (1,807 ) 
  

 

 

    

 

 

    

 

 

  

As of December 31, 2011 and 2010, the Company had a net deferred tax asset of approximately $4.1 million and $4.7 million, respectively, of which, approximately $3.4 million and $4.2 million, respectively, are due to accumulated net operating losses. These loss carryforwards will begin to expire in 2028 if not utilized. As of both December 31, 2011 and 2010, approximately $0.4 million of the deferred tax asset is attributable to the Company's share of start-up expenses related to the Crowne Plaza Hollywood Beach Resort and start-up expenses related to the opening of the Sheraton Louisville Riverside and the Crowne Plaza Tampa Westshore, all of which were not deductible when incurred and are now being amortized over 15 years. The remainder of the deferred tax asset is attributable to year-to-year timing differences for accrued, but not deductible, vacation and sick pay. The Company believes that it is more likely than not that the deferred tax asset will be realized and that no valuation allowance is required.