Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense from continuing operations consists of:

	For the Year
	2017			2016			2015
	(In thousands)
Current tax provision:
U.S. Federal	$	(44,177	)	$	(15,089	)	$	6,740
State and other	(3,378		)	(1,520		)	(418		)
	(47,555		)	(16,609		)	6,322
Deferred tax provision:
U.S. Federal	1,678			1,382			(38,262		)
State and other	57			(75		)	(3,191		)
	1,735			1,307			(41,453		)
Income tax expense	$	(45,820	)	$	(15,302	)	$	(35,131	)

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
	2017		2016		2015
Federal statutory rate (benefit)	35	%	35	%	35	%
State, net of federal benefit	3		—		10
Valuation allowance	(42	)	(19	)	348
Tax rate change due to new tax act	40		—		—
Noncontrolling interests	(1	)	(1	)	(3	)
Installment sale ace adjustment	—		2		—
Stock based compensation	11		—		5
Goodwill	25		—		—
Merger costs	18		—		—
Oil and gas percentage depletion	—		—		(1	)
Other	(1	)	—		1
Effective tax rate	88	%	17	%	395	%

Significant Components of Deferred Taxes

Significant components of deferred taxes are:

	At Year-End
	2017			2016
	(In thousands)
Deferred Tax Assets:
Real estate	$	37,513		$	50,759
Employee benefits	1,510			13,185
Net operating loss carryforwards	2,305			2,804
Oil and gas properties	—			1,672
AMT credits	1,690			5,900
Income producing properties	794			2,055
Oil and gas percentage depletion carryforwards	—			3,478
Accruals not deductible until paid	196			552
Gross deferred tax assets	44,008			80,405
Valuation allowance	(39,578		)	(73,405		)
Deferred tax asset net of valuation allowance	4,430			7,000
Deferred Tax Liabilities:
Undeveloped land	—			(1,359		)
Convertible debt	(2,402		)	(5,035		)
Timber	—			(283		)
Gross deferred tax liabilities	(2,402		)	(6,677		)
Net Deferred Tax Asset (Liability)	$	2,028		$	323

Summary of Unrecognized Tax Benefits

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

	At Year-End
	(In thousands)
	2017			2016		2015
Balance at beginning of year	$	2,499		$	—	$	—
Increases (decreases) for tax positions of current year	—			2,499		—
Decreases for dispositions and other	(1,449		)	—		—
Balance at end of year	$	1,050		$	2,499	$	—