Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Components of income tax expense (benefit)

The components of income tax expense (benefit) for the years ended December 31, 2013, 2012 and 2011 are as follows:



	2013		2012		2011
Current
Federal	$	—	$	—	$	—
State	—		—		—
Total current	—		—		—

Deferred
Federal	—		—		473
State	—		—		—
Total deferred	—		—		473
Total income tax expense (benefit)	$	—	$	—	$	473

Components of deferred income tax assets and liabilities

Significant components of deferred income tax assets and liabilities as of December 31, 2013 and 2012 are as follows:



	2013			2012
Deferred income tax assets
Tax over book basis of land inventory	$	14,922		$	14,564
Unrecoverable land development costs	6,359			6,622
Executive incentive compensation	1,030			1,099
Net operating loss carry forward	50,136			33,872
Impairment charges	63,982			74,551
Other	4,031			5,428
Total deferred income tax assets	140,460			136,136
Valuation allowance for deferred tax assets	(130,232		)	(126,533		)
Net deferred income tax assets	10,228			9,603

Deferred income tax liabilities
Book over tax income recognized on sale of the Ocala Property	(8,413		)	(9,118		)
Tax over book on 4.50% Convertible Notes	(589		)	(696		)
Book over tax basis of depreciable assets	(1,226		)	211
Total deferred income tax liabilities	(10,228		)	(9,603		)

Net deferred income tax liability	$	—		$	—

Reconciliation of income tax expense (benefit)

A reconciliation of income tax expense (benefit) to the expected income tax expense (benefit) at the federal statutory rate of 35% for each of the years ended December 31, 2013, 2012 and 2011 is as follows:



	2013			2012			2011
Income tax (benefit) expense computed at statutory rate	$	(3,317	)	$	(31,582	)	$	(57,893	)
State income tax (benefit) expense, net of federal benefit	(385		)	(3,388		)	(6,521		)
Adjustment to 2009 net operating loss carryback	—			—			—
Change in valuation allowance on deferred tax assets	3,699			35,050			68,961
Prior period adjustments charged to retained earnings	—			—			(4,044		)
Other	3			(80		)	(30		)
Income tax (benefit) expense	$	—		$	—		$	473