Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Our provision for income taxes consists of the following (in thousands):

A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands):



	Year Ended December 31,
	2019			2018			2017
Statutory federal tax provision (1)	$	43,313		$	19,089		$	35,729
Tax impact of REIT election	(14,125		)	(14,439		)	(22,277		)
State income tax provision, net of federal tax benefit	532			705			1,652
Foreign income tax benefit	(6,998		)	(2,927		)	(430		)
Tax reform impact on U.S. taxes	—			—			(2,143		)
Tax reform impact on foreign taxes	—			—			(2,076		)
Other	(694		)	673			(248		)
Income tax provision	$	22,028		$	3,101		$	10,207

_____________________________

(1)

Beginning January 1, 2018, the U.S. federal income tax rate decreased from 35% to 21%.

The total deferred tax assets and liabilities are as follows (in thousands):



	2019			2018
Federal
Net operating loss carryforwards	$	—		$	1,983
Deferred income related to key money	2,382			2,465
Alternative minimum tax credit carryforwards	—			103
Other	529			326
Depreciation and amortization	(7,928		)	(9,188		)
Federal - Deferred tax (liabilities) assets, net	$	(5,017	)	$	(4,311	)

State
Net operating loss carryforwards	$	2,572		$	2,975
Deferred income related to key money	735			780
Alternative minimum tax credit carryforwards	80			80
Other	167			103
Depreciation and amortization	(2,446		)	(2,906		)
Less: Valuation allowance	(700		)	(700		)
State - Deferred tax assets, net	$	408		$	332

Foreign (USVI)
Deferred income related to key money	$	—		$	—
Depreciation and amortization	(21,060		)	(255		)
Other	—			—
Land basis recorded in purchase accounting	(2,617		)	(2,617		)
Foreign - Deferred tax liabilities, net	$	(23,677	)	$	(2,872	)