Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of cash distributions for federal income tax purposes

For federal income tax purposes, the cash distributions to shareholders are characterized as follows:



	For the Years Ended December 31,
	2016		2015
Common distributions:
Ordinary income	87.0	%	100.0	%
Return of capital	—		—
Capital gains	13.0	%	—
	100.0	%	100.0	%

Schedule of components of the income tax provision from continuing operations

The components of the income tax provision from continuing operations are as follows (in thousands):



	For the Years Ended December 31,
	2016			2015			2014
Current:
Federal	$	(76	)	$	(287	)	$	(244	)
State	(1,113		)	(1,145		)	(1,543		)
Deferred:
Federal	(6,141		)	36,359			572
State	(860		)	4,199			70
Total net tax (expense) benefit	$	(8,190	)	$	39,126		$	(1,145	)

Schedule of differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations

The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences (in thousands):



	For the Years Ended December 31,
	2016			2015			2014
Expected federal tax expense at statutory rate	$	(73,327	)	$	(63,240	)	$	(47,906	)
Tax impact of REIT election	68,477			62,391			45,842
Expected tax expense at TRS	(4,850		)	(849		)	(2,064		)
Change in valuation allowance	(1,254		)	41,147			2,203
State income tax expense, net of federal	(1,520		)	(1,111		)	(1,273		)
Impact of rate change	20			46			42
Other permanent items	(382		)	(416		)	(418		)
Impact of acquired tax attributes	—			—			(5		)
Impact of provision to return	(204		)	309			370
Income tax (expense) benefit	$	(8,190	)	$	39,126		$	(1,145	)

Schedule of deferred tax assets (liabilities)

Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands):



	December 31,
	2016			2015
Deferred tax liabilities:
Property and equipment	$	(8,557	)	$	(7,660	)
Prepaid expenses	(2,349		)	(1,780		)
Other	(524		)	(361		)
Deferred tax liabilities	$	(11,430	)	$	(9,801	)

Deferred tax assets:
Property and equipment	$	1,082		$	793
Incentive and vacation accrual	2,640			2,668
Deferred revenue - key money	1,703			1,769
Allowance for doubtful accounts	72			46
Other	605			689
Other carryforwards	155			204
Net operating loss carryforwards	49,787			53,985
Valuation allowance	(11,430		)	(10,176		)
Deferred tax assets	$	44,614		$	49,978