Income Taxes (Tables)

6 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

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

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017		2016			2017			2016
Current Federal alternative minimum tax (“AMT”) expense	$	16,000	$	79,000		$	35,000		$	141,000
Current state and local tax expense		16,000		99,000			188,000			160,000
Deferred Federal tax expense (benefit) (A)		103,000		434,000			(370,000	)		1,245,000
Deferred state and local tax expense (benefit)		6,000		(32,000	)		(134,000	)		21,000
Income tax expense (benefit) (B)	$	141,000	$	580,000		$	(281,000	)	$	1,567,000

(A)   Includes an AMT (benefit) of $(16,000) and $(79,000) in the three months ended June 30, 2017 and 2016, respectively, and $(35,000) and $(141,000) in the six months ended June 30, 2017 and 2016, respectively.

(B)   The income tax benefit in the six months ended June 30, 2017 and the lower income tax expense in the three months ended June 30, 2017 resulted from the recognition of a windfall tax benefit on stock options exercised in the six months ended June 30, 2017.