INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Summary of components of provision for income taxes

	For the year ended
	December 31,
(in thousands)	2019		2018
Current income tax expense:
Federal	$	─	$	─
State		(131)		(32)
Total current income tax expense		(131)		(32)
Deferred income tax benefit
Federal		46,353		─
State		14,260		─
Total deferred income tax benefit		60,613		─
Total provision benefit (expense) for income taxes	$	60,482	$	(32)

Summary of effective income tax reconciliation

	For the year ended
	December 31,
(in thousands)	2019		2018
Income from continuing operations before income taxes	$	40,503	$	25,678
Income tax expense at federal statutory rate		(8,506)		(5,392)
Permanent differences:
Impact on taxes from entities not subject to tax		─		498
State income taxes, net of federal tax effect		504		(1,652)
Impact from other comprehensive income		3,593		4,594
State net operating loss adjustment		4,373		507
Other		(1,512)		(314)
Net decrease in the valuation allowance		62,030		1,727
Provision benefit (expense) for income taxes	$	60,482	$	(32)

Summary of carrying value of DTAs, net of valuation allowance

	At		At
	December 31,		December 31,
(in thousands)	2019		2018
Deferred tax assets:
Net operating loss, tax credits and other tax carryforwards	$	122,917	$	123,902
Cancellation of subordinated debt		3,340		3,464
Other		1,715		(2,866)
Gross deferred tax assets		127,972		124,500
Valuation allowance		(65,373)		(124,500)
Total deferred tax assets, net of valuation allowance		62,599		─
Deferred tax liabilities:
Other, net		(4,888)		─
Total deferred tax liabilities		(4,888)		─
Deferred tax assets, net	$	57,711	$	─

Summary of changes in valuation allowance

	For the year ended
	December 31,
(in thousands)	2019			2018
Balance, January 1	$	124,500		$	139,987
Net reductions due to discontinued operations		2			(11,072)
Net reductions due to continuing operations		(59,129)	(1)		(1,727)
Cumulative change due to change in accounting principle		─			(2,688)
Balance, December 31	$	65,373		$	124,500

Schedule of amount for uncertain tax positions

	For the year ended
	December 31,
(in thousands)	2019		2018
Balance, January 1	$	─	$	1,863
Net decreases for tax positions of prior years		─		─
Net decreases due to tax positions that only affect timing		─		(1,863)
Balance, December 31	$	─	$	─