Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Expense

Income tax expense consists of:

	For the Year
	2012			2011			2010
	(In thousands)
Current tax provision:
U.S. Federal	$	(11,834	)	$	(27,442	)	$	(7,582	)
State and other		(2,171	)		(3,013	)		(1,252	)
		(14,005	)		(30,455	)		(8,834	)
Deferred tax provision:
U.S. Federal		4,910			26,264			6,084
State and other		1,079			1,170			280
		5,989			27,434			6,364
Income tax expense	$	(8,016	)	$	(3,021	)	$	(2,470	)

Reconciliation of Federal Statutory Rate to Effective Income Tax Rate on Continuing Operations

A reconciliation of the federal statutory rate to the effective income tax rate on continuing operations follows:

	For the Year
	2012			2011			2010
Federal statutory rate		35	%		35	%		35	%
State, net of federal benefit		5			10			8
State rate change due to acquisition		(2	)		—			—
Acquisition costs		4			—			—
Noncontrolling interests		(7	)		(6	)		(3	)
Charitable contributions		—			(6	)		(5	)
Compensation		—			—			3
Oil and natural gas percentage depletion		(5	)		(8	)		(10	)
Other		1			—			2
Effective tax rate		31	%		25	%		30	%

Significant Components of Deferred Taxes

Significant components of deferred taxes are:

	At Year-End
	2012			2011
	(In thousands)
Deferred Tax Assets:
Real estate	$	74,946		$	74,970
Employee benefits		15,323			11,284
Net operating loss carryforwards		11,897			—
Income producing properties		3,209			—
Oil and natural gas percentage depletion carryforwards		3,193			—
Accruals not deductible until paid		1,608			1,113
Gross deferred tax assets		110,176			87,367
Valuation allowance		(643	)		—
Deferred tax asset net of valuation allowance		109,533			87,367
Deferred Tax Liabilities:
Oil and natural gas properties		(44,631	)		—
Undeveloped land		(8,345	)		(8,479	)
Income producing properties		—			(4,093	)
Timber		(1,809	)		(1,853	)
Gross deferred tax liabilities		(54,785	)		(14,425	)
Net Deferred Tax Asset	$	54,748		$	72,942

Reconciliation of Beginning and Ending Amount of Tax Benefits Not Recognized for Book Purposes

A reconciliation of the beginning and ending amount of tax benefits not recognized for book purposes is as follows:

	At Year-End
	2012		2011			2010
	(In thousands)
Balance at beginning of year	$	5,831	$	7,394		$	7,441
Reductions for tax positions of prior years		—		(1,563	)		(47	)
Balance at end of year	$	5,831	$	5,831		$	7,394