Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Provision for Income Taxes from Continuing Operations

The income tax provision for continuing operations consists of the following (amounts in thousands):

	2022		2021		2020
CURRENT:
Federal	$	(21,936)	$	126	$	(101)
State		(8,595)		(1,077)		(457)
Total current provision		(30,531)		(951)		(558)
DEFERRED:
Federal		(9,115)		(3,646)		(13,565)
State		871		(360)		(12,961)
Total deferred provision		(8,244)		(4,006)		(26,526)
Total provision for income taxes	$	(38,775)	$	(4,957)	$	(27,084)

Summary of Taxability of Cash Distributions Paid on Common Shares

The estimated taxability of cash distributions to common shareholders is shown in the table below (per common share) (unaudited).

	2022		2021		2020
Ordinary income	$	0.28	$	—	$	—
Capital gains		0.07		—		0.05
Return of capital		—		—		1.80
	$	0.35	$	—	$	1.85

Differences Between the Income Tax Provision Calculated at the Statutory U.S. Federal Income Tax Rate of 35% and the Actual Income Tax Benefit Recorded for Continuing Operations

The differences between the income tax provision calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax provision recorded for continuing operations are as follows (amounts in thousands):

	2022		2021		2020
Statutory federal income tax (provision) benefit	$	(36,482)	$	39,868	$	91,085
Adjustment for nontaxable income of the REIT		3,565		(16,379)		(33,116)
Adjustment for noncontrolling interest in consolidated joint venture		—		(1,834)		(5,010)
State tax (provision) benefit (net of federal taxes)		(13,597)		8,581		5,876
Permanent share-based compensation adjustment		440		329		(579)
Other permanent items		(365)		(281)		(200)
Change in federal valuation allowance		1,914		(25,698)		(65,368)
Change in state valuation allowance (net of federal taxes)		5,873		(9,264)		(19,293)
Other		(123)		(279)		(479)
	$	(38,775)	$	(4,957)	$	(27,084)

Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):

	2022		2021
DEFERRED TAX ASSETS:
Accounting reserves and accruals	$	26,293	$	26,340
Defined benefit plan		2,215		1,074
Deferred management rights proceeds		42,875		43,009
Federal and State net operating loss carryforwards		97,832		105,484
Tax credits and other carryforwards		5,182		1,484
Other assets		5,124		4,477
Total deferred tax assets		179,521		181,868
Valuation allowance		(118,015)		(125,387)
Total deferred tax assets, net of valuation allowance		61,506		56,481
DEFERRED TAX LIABILITIES:
Property and equipment, net		67,744		57,035
Investment in joint ventures		518		101
Other liabilities		6,159		4,016
Total deferred tax liabilities		74,421		61,152
Net deferred tax liabilities	$	(12,915)	$	(4,671)