Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

The income tax provision for the years ended December 31, 2015, 2014 and 2013 is comprised of the following components (dollar amounts in thousands):



	Years Ended December 31,
	2015		2014			2013
Current income tax expense
Federal	$	3,158	$	4,572		$	381
State	1,283		2,423			358
Total current income tax expense	4,441		6,995			739
Deferred income tax expense (benefit)
Federal	69		(458		)	—
State	25		(142		)	—
Total deferred income tax expense (benefit)	94		(600		)	—

Total provision	$	4,535	$	6,395		$	739

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax provision to the effective income tax provision for the years ended December 31, 2015, 2014 and 2013, respectively, are as follows (dollar amounts in thousands).



	December 31,
	2015					2014					2013
Provision at statutory rate	$	28,892		35.0	%	$	49,316		35.0	%	$	24,393		35.0	%
Non-taxable REIT income	(25,733		)	(31.2	)	(44,247		)	(31.4	)	(26,215		)	(37.6	)
State and local tax provision	1,284			1.6		2,420			1.7		348			0.5
Other	24,047			29.1		(1,227		)	(0.9	)	(853		)	(1.2	)
Valuation allowance	(23,955		)	(29.0	)	133			0.1		3,066			4.4
Total provision	$	4,535		5.5	%	$	6,395		4.5	%	$	739		1.1	%

Schedule of Deferred Tax Assets and Liabilities

The major sources of temporary differences included in the deferred tax assets and their deferred tax effect as of December 31, 2015 and 2014 are as follows (dollar amounts in thousands):



	December 31, 2015			December 31, 2014
Deferred tax assets
Net operating loss carryforward	$	2,083		$	28,704
Net capital loss carryforward	2,029			1,592
Other	3,043			1,755
Total deferred tax assets ⁽¹⁾	$	7,155		$	32,051
Deferred tax liabilities
Deferred tax liabilities	$	192		$	1,040
Total deferred tax liabilities ⁽²⁾	192			1,040
Valuation allowance	(6,457		)	(30,412		)
Total net deferred tax asset	$	506		$	599


(1)	Included in receivables and other assets in the accompanying consolidated balance sheets.


(2)	Included in accrued expenses and other liabilities in the accompanying consolidated balance sheets.