Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Income Tax Disclosure [Text Block]

8 . INCOME TAXES

GAAP prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return.

Reconciliations between the total income tax benefit and the amount computed using the statutory federal rate of

35%

for the years ended

December

31,

2016

and

2015

were as follows:

	2016			2015
	(in thousands)
Federal income tax expense (benefit) at statutory rate	$	7,635		$	2,385
Adjusted for:
Valuation allowance		(7,603	)		(2,390	)
Permanent differences and other		(32	)		5
Income tax benefit - continuing operations	$	-		$	-

Deferred tax assets were comprised of the following temporary differences as of

December

 

31,

2016

and

2015:

	2016			2015
	(in thousands)
Net operating loss and tax credit carryforwards	$	38,915		$	47,640
Joint venture and other investments		18			183
Accrued retirement benefits		3,924			3,608
Property net book value		2,801			3,275
Deferred revenue		953			1,101
Stock compensation		22			22
Reserves and other		404			408
Total deferred tax assets		47,037			56,237
Valuation allowance		(47,037	)		(56,237	)
Net deferred tax assets	$	-		$	-

Valuation allowances have been established to reduce future tax benefits not expected to be realized. The change in the deferred tax asset related to accrued retirement benefits and the valuation allowance includes the pension adjustment included in accumulated other comprehensive loss, which is not included in the current provision. The Company had

$82.6

 million in federal net operating loss carry forwards at

December

 

31,

2016,

that expire from

2028

through

2033.

The Company had

$97.4

million in state net operating loss carry forwards at

December

31,

2016,

that expire from

2028

through

2033.