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

12 Months Ended

Dec. 31, 2014

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):

	December 31,
	2014			2013
Deferred tax assets:
Deferred compensation	$	9,936		$	9,644
Impairment loss on securities	2,237			2,519
Impairment loss on water assets	16,856			14,532
Impairment loss on real estate	1,327			2,201
Capitalized expenses	9,451			12,393
Net operating losses, capital losses, and tax credit carryforwards	61,081			44,442
Legal settlement expense				1,311
Accumulated foreign currency translation adjustments	35			3,825
Employee benefits, including stock-based compensation	5,416			5,437
Excess tax basis in affiliate	5,659			4,035
Other, net	2,277			2,033
Total deferred tax assets	114,275			102,372
Deferred tax liabilities:
Unrealized appreciation on securities	(2,950		)	(3,853		)
Revaluation of real estate and water sales	(5,249		)	(5,187		)
Fixed assets	(13,077		)	(16,610		)
Foreign receivables				(5,573		)
Real estate installment sales				(401		)
Excess book basis in affiliate	(10,809		)	(9,930		)
Other, net	(4,007		)	(2,810		)
Total deferred tax liabilities	(36,092		)	(44,364		)
Valuation allowance	(80,940		)	(62,058		)
Net deferred income tax liability	$	(2,757	)	$	(4,050	)

Summary of Tax Credit Carryforwards

The following table summarizes such carryforwards and their expiration as follows (in thousands):

	Federal Net Operating Losses		Foreign Tax Credits		State Net Operating Losses		State Capital Losses
Expire 2015 through 2019			$	1,412	$	4,998	$	8,500
Expire 2020 through 2024			2,103		16,879
Expire 2025 through 2029					7,800
Expire 2030 through 2034	$	133,683			146,459
Total	$	133,683	$	3,515	$	176,136	$	8,500

Schedule of Income before Income Tax, Domestic and Foreign

Pre-tax loss from continuing operations was under the following jurisdictions (in thousands):

	Year Ended December 31,
	2014			2013			2012
Total pre-tax loss in the United States	$	(61,043	)	$	(25,432	)	$	(29,578	)

Schedule of Components of Income Tax Expense (Benefit)

Income tax provision or benefit from continuing operations consists of the following (in thousands):

	Year Ended December 31,
	2014			2013		2012
Current tax provision (benefit)	$	(199	)	$	326	$	(941	)
Deferred tax provision (benefit)	(3,315		)	2,871		(128		)
Total income tax provision (benefit)	$	(3,514	)	$	3,197	$	(1,069	)

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):

	Year Ended December 31,
	2014			2013			2012
Federal income tax provision at statutory rate	$	(21,365	)	$	(8,902	)	$	(10,352	)
Change in valuation allowance	16,710			12,491			7,505
State taxes, net of federal benefit	(184		)	(1,255		)	(299		)
Nondeductible compensation	1,567			1,370			1,357
Equity in loss of unconsolidated affiliate	(816		)	(198		)
Other	574			(309		)	720
Total income tax provision (benefit)	$	(3,514	)	$	3,197		$	(1,069	)