Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of income tax expense (benefit)

The components of income tax expense (benefit) for the years ended December 31, 2014, 2013 and 2012 are as follows (in thousands):



	2014		2013		2012
Current
Federal	$	—	$	—	$	—
State	—		—		—
Total current	—		—		—

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

Components of deferred income tax assets and liabilities

Significant components of deferred income tax assets and liabilities as of December 31, 2014 and 2013 are as follows (in thousands):



	2014			2013
Deferred income tax assets
Tax over book basis of land inventory	$	15,085		$	15,699
Unrecoverable land development costs	6,222			6,728
Executive incentive compensation	1,338			1,086
Net operating loss carry forward	61,128			50,136
Impairment charges	55,529			67,453
Other	4,061			4,257
Total deferred income tax assets	143,363			145,359
Valuation allowance for deferred tax assets	(129,862		)	(130,232		)
Net deferred income tax assets	13,501			15,127

Deferred income tax liabilities
State tax effect of deferred tax assets	(3,412		)	(4,344		)
Book over tax income recognized on sale of the Ocala Property	(7,751		)	(8,870		)
Tax over book on 4.50% Convertible Notes	(960		)	(621		)
Book over tax basis of depreciable assets	(1,378		)	(1,292		)
Total deferred income tax liabilities	(13,501		)	(15,127		)

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, 2014, 2013 and 2012 is as follows (in thousands):



	2014			2013			2012
Income tax (benefit) expense computed at statutory rate	$	(522	)	$	(3,317	)	$	(31,582	)
State income tax (benefit) expense, net of federal benefit	823			(385		)	(3,388		)
Change in valuation allowance on deferred tax assets	(370		)	3,699			35,050
Prior period adjustments charged to retained earnings	—			—			—
Other	69			3			(80		)
Income tax (benefit) expense	$	—		$	—		$	—