Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of income tax expense (benefit)

The components of income tax expense for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands):


	For the Years Ended December 31,
	2016		2015		2014
Current:
Federal	$	542	$	253	$	—
State		364		183		—
Total current		906		436		—

Deferred:
Federal		(93,383)		—		—
State		(17,044)		—		—
Total deferred		(110,427)		—		—
Total income tax expense (benefit)	$	(109,521)	$	436	$	—

Components of deferred income tax assets and liabilities

Significant components of deferred income tax assets and liabilities as of December 31, 2016 and 2015 are as follows (in thousands):


	December 31,
	2016		2015
Deferred income tax assets:
Net operating loss carryforward and credits	$	47,529	$	56,768
Impairment charges		48,311		53,103
Other inventory valuation adjustments		13,819		15,338
Land development reserves		5,270		5,321
Other reserves and accruals		5,028		4,745
Executive incentive compensation		2,352		2,112
Total deferred income tax assets		122,309		137,387
Valuation allowance for deferred tax assets		—		(124,525)
Net deferred income tax assets		122,309		12,862

Deferred income tax liabilities:
Deferred gain		(6,246)		(7,094)
State taxes		(2,800)		(3,139)
Depreciation		(1,222)		(1,772)
Goodwill		(1,013)		—
Capitalized expenses		(771)		(857)
Total deferred income tax liabilities		(12,052)		(12,862)
Net deferred income tax assets	$	110,257	$	—

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, 2016, 2015 and 2014 is as follows (in thousands):


	For the Years Ended December 31,
	2016		2015		2014
Income tax expense (benefit) computed at statutory rate	$	13,155	$	4,320	$	(522)
State income tax expense, net of federal benefit		1,201		1,452		823
Change in valuation allowance on deferred tax assets		(124,525)		(5,336)		(370)
Change in state rate		688		—		—
Other		(40)		—		69
Income tax expense (benefit)	$	(109,521)	$	436	$	—