INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of income tax expense benefit

For financial reporting purposes, income before income taxes were: 

	Years Ended December 31,
	2018		2017			2016
		(In thousands)
Income (loss) from continuing operations before income taxes	$	183,902	$	(8,696	)	$	(2,363	)

The expense (benefit) for income taxes consists of:

	Years Ended December 31,
	2018			2017			2016
	(In thousands)
Current:
Federal	$	42,231		$	(3,044	)	$	—
State		1,210			10			—
Deferred and Other:
Federal		(42,231	)		3,044			46
State		—			170			—
Total Tax Expense	$	1,210		$	180		$	46

Schedule of reconciliation effective tax rate on income from continuing operations and the statutory rate

The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows:

	Years Ended December 31,
	2018			2016			2015
	(In thousands)
Income Tax Expense (Benefit) at Federal Statutory Rate	$	38,619		$	(3,044	)	$	(827	)
State and Local Income Taxes Net of Federal Tax Benefit		1,210			180			—
Permanent tax differences		(224	)		—			—
Temporary tax differences
Installment note on land sale		(2,875	)		(1,918	)
Allowance for losses on note receivables		(712	)		(2,372	)
Deferred gains		(7,041	)		(10,758	)
Basis differences on fixed assets		22,110			9,284
Other basis/timing differences		(7,646	)		5,764
Use/generation on net operating loss carryforwards		(42,231	)		3,044			873
Reported Income Tax  Expense	$	1,210		$	180		$	46
Effective Tax Rate		0.7	%		N/A			N/A

Schedule of components of net deferred tax assets or liabilities

Components of the Net Deferred Tax Asset or Liability

	Years Ended December 31,
	2018			2017
	(In thousands)
Deferred Tax Assets:
Allowance for losses on notes	$	2,879		$	3,591
Installment note on land sale		—			2,875
Deferred Gain		3,999			11,040
Net Operating Loss Carryforward		8,700			50,931
Total Deferred Tax Assets		15,578			68,437
Less: Valuation Allowance		(12,246	)		(42,995	)
Total Net Deferred Tax Assets		3,332			25,442
Deferred Tax Liabilities:
Deferred gain		—			—
Basis Differences for Fixed Assets		(3,332	)		(25,442	)
Total Deferred Tax Liability		(3,332	)		(25,442	)
Current Net Deferred Tax Asset		3,332			25,442
Long-Term Net Deferred Tax Liability		(3,332	)		(25,442	)
Net deferred tax asset (liability)	$	—		$	—