Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for the year ended December 31, 2016 and for the period from April 24, 2015 to December 31, 2015 as reported in the accompanying Consolidated Statement of Income was comprised of the following:

	Year Ended			Period from
(Thousands)	December 31, 2016			April 24 - December 31, 2015
Current
Federal	$	1,596		$	1,208
State		1,107			741
Total current expense		2,703			1,949

Deferred
Federal		(1,488	)		(770	)
State		(698	)		(441	)
Total deferred expense		(2,186	)		(1,211	)
Total income tax expense	$	517		$	738

Income Tax Expense Reconciliation Between U.S. Statutory Tax Rate and Effective Tax Rate

An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate is as follows:

	Year Ended			Period from
(Thousands)	December 31, 2016			April 24 - December 31, 2015
Income from continuing operations, before tax	$	305		$	24,795
Income tax at U.S. statutory federal rate		107			8,665
Increases (decreases) resulting from:
State taxes, net of federal benefit		(224	)		266
Benefit of REIT status		(4,016	)		(8,193	)
Capitalized transaction costs		(3,915	)		-
Change in valuation allowance		8,176			-
Adjustment of deferred tax balances		149			-
Permanent differences		52			-
Rate differential		188			-
Income tax expense	$	517		$	738

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities are as follows:

(Thousands)	December 31, 2016			December 31, 2015
Deferred tax assets:
Deferred revenue	$	4,244		$	90
Accrued bonuses		520			-
Goodwill		1,886			-
Stock based compensation		179			-
Accrued expenses and other		802			-
Asset retirement obligation		790			-
Inventory reserve		401			-
Net operating loss carryforwards		39,916			-
Deferred tax assets		48,738			90
Valuation allowance		(8,176	)		-
Deferred tax assets, net of valuation allowance		40,562			90

Deferred tax liabilities:
Property, plant & equipment	$	(20,923	)	$	(1,759	)
Customer list intangible		(47,721	)		(4,045	)
Other intangible amortization		(137	)		-
Other		(175	)		-
Deferred tax liabilities	$	(68,956	)	$	(5,804	)

Deferred tax asset (liability), net	$	(28,394	)	$	(5,714	)