Federal, Foreign and State Current and Deferred Income Tax (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The significant components of deferred income tax assets and liabilities are as follows (in thousands):

	2012			2011
Deferred tax assets:
Deferred compensation	$	9,271		$	14,544
Impairment charges on securities	2,359			1,727
Impairment charges on water assets	14,036			13,974
Impairment charges on real estate	2,074			2,041
Capitalized expenses	6,719			3,073
Net operating losses, capital losses, and tax credit carryforwards	20,383			4,473
Legal settlement expense	1,298			1,293
Accumulated foreign currency translation adjustments	3,251			3,007
Unearned revenue
Employee benefits, including stock-based compensation	5,113			5,410
Excess tax basis in affiliate	1,975			1,943
Other	2,281			2,016
Total deferred tax assets	68,760			53,501
Deferred tax liabilities:
Unrealized appreciation on securities	(2,736		)	(543		)
Revaluation of real estate and water assets	(5,139		)	(5,118		)
Foreign loan	(5,411		)	(5,088		)
Real estate installment sales	(541		)	(650		)
Other	(1,089		)
Total deferred tax liabilities	(14,916		)	(11,399		)
Valuation allowance	(53,844		)	(42,102		)
Net deferred income tax asset	$	—		$	—

Schedule of Income before Income Tax, Domestic and Foreign

Pre-tax income or loss from continuing operations for the years ended December 31, was under the following jurisdictions (in thousands):

	2012			2011			2010
United States	$	(29,578	)	$	(34,657	)	$	(24,959	)
Foreign							(3,696		)
Total pre-tax loss	$	(29,578	)	$	(34,657	)	$	(28,655	)

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense or benefit from continuing operations for each of the years ended December 31 consists of the following (in thousands):

	2012			2011			2010
Current tax expense (benefit):
United States Federal and state	$	(941	)	$	(4,138	)	$	(2,539	)
Foreign							1,045
	(941		)	(4,138		)	(1,494		)
Deferred tax expense (benefit):
United States Federal and state	(128		)	26,289			(11,023		)
Foreign							(1		)
	(128		)	26,289			(11,024		)
Total income tax provision (benefit)	$	(1,069	)	$	22,151		$	(12,518	)

Schedule of Effective Income Tax Rate Reconciliation

The difference between income taxes provided at the Company’s federal statutory rate and effective tax rate is as follows (in thousands):

	2012			2011			2010
Federal income tax provision at statutory rate	$	(10,352	)	$	(12,130	)	$	(10,029	)
Change in valuation allowance	7,024			38,535			(221		)
State taxes, net of federal benefit	(299		)	(2,936		)	692
Change in liability for uncertain tax positions				(512		)	(1,687		)
Nondeductible compensation	1,357			1,421			815
Tax rate change through OCI				(668		)	(708		)
Equity in loss of unconsolidated affiliate				(1,853		)	(1,301		)
Other	1,201			294			(79		)
Total income tax provision (benefit)	$	(1,069	)	$	22,151		$	(12,518	)

Summary of Income Tax Contingencies

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):

	2012		2011			2010
Balance at beginning of year	$	—	$	567		$	2,592
Additions for tax positions related to the current year
Reductions due to expiration of assessment period			(567		)	(2,025		)
Balance at end of year	$	—	$	—		$	567