Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax (expense) benefit consists of:

	For the Year
	2015			2014			2013
	(In thousands)
Current tax provision:
U.S. Federal	$	8,579		$	(5,444	)	$	(6,004	)
State and other	47			(1,569		)	(2,066		)
	8,626			(7,013		)	(8,070		)
Deferred tax provision:
U.S. Federal	(38,366		)	(2,772		)	1,148
State and other	(2,895		)	1,128			(286		)
	(41,261		)	(1,644		)	862
Income tax (expense) benefit	$	(32,635	)	$	(8,657	)	$	(7,208	)

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
	2015		2014		2013
Federal statutory rate (benefit)	(35	%)	35	%	35	%
State, net of federal benefit	(1	)	1		4
Valuation allowance	54		—		—
Recognition of previously unrecognized tax benefits	—		—		(15	)
Noncontrolling interests	—		—		(5	)
Goodwill	—		1		—
Charitable contributions	—		(1	)	—
Oil and gas percentage depletion	—		(2	)	(2	)
Effective tax rate	18	%	34	%	17	%

Significant Components of Deferred Taxes

Significant components of deferred taxes are:

	At Year-End
	2015			2014
	(In thousands)
Deferred Tax Assets:
Real estate	$	69,594		$	79,244
Employee benefits	15,752			17,352
Net operating loss carryforwards	13,827			3,012
Oil and gas properties	5,510			—
AMT credits	3,620			—
Income producing properties	—			364
Oil and gas percentage depletion carryforwards	3,616			3,471
Accruals not deductible until paid	911			1,111
Other assets	139			—
Gross deferred tax assets	112,969			104,554
Valuation allowance	(97,068		)	(384		)
Deferred tax asset net of valuation allowance	15,901			104,170
Deferred Tax Liabilities:
Oil and gas properties	—			(49,905		)
Undeveloped land	(7,588		)	(4,937		)
Convertible debt	(6,516		)	(7,816		)
Income producing properties	(2,257		)	—
Timber	(577		)	(888		)
Gross deferred tax liabilities	(16,938		)	(63,546		)
Net Deferred Tax Asset (Liability)	$	(1,037	)	$	40,624

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
	2015		2014		2013
	(In thousands)
Balance at beginning of year	$	—	$	—	$	5,831
Reductions for tax positions of prior years	—		—		—
Reductions due to lapse of statute of limitations	—		—		(5,831		)
Balance at end of year that would affect the annual effective tax rate if recognized	$	—	$	—	$	—