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