FEDERAL AND STATE CURRENT AND DEFERRED INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2015			2014
Deferred tax assets:
Deferred compensation	$	10,199		$	9,936
Impairment loss on securities	1,292			2,237
Impairment loss on water assets	17,252			16,856
Impairment loss on real estate	1,423			1,327
Capitalized expenses	8,629			9,451
Net operating losses, capital losses, and tax credit carryforwards	65,680			61,081
Employee benefits, including stock-based compensation	5,818			5,416
Excess tax basis in affiliate	14,675			5,659
Fixed assets	2,312
Other, net	2,975			2,312
Total deferred tax assets	130,255			114,275
Deferred tax liabilities:
Unrealized appreciation on securities	3,118			2,950
Revaluation of real estate and water assets	5,254			5,249
Fixed assets				13,077
Excess book basis in affiliate	6,646			10,809
Other, net	2,118			4,007
Total deferred tax liabilities	17,136			36,092
Valuation allowance	(113,119		)	(80,940		)
Net deferred income tax liability	$	—		$	(2,757	)

Summary of Tax Credit Carryforwards

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

	Federal Net Operating Losses		Federal Tax Credits		State Net Operating Losses		State Capital Losses
Expire 2016 through 2019			$	1,412	$	4,998	$	8,500
Expire 2020 through 2024			2,106		16,879
Expire 2025 through 2029			15		7,689
Expire 2030 through 2035	$	134,504	4,299		156,693
Total	$	134,504	$	7,832	$	186,259	$	8,500

Schedule of Components of Income Tax Expense (Benefit)

Income tax provision or benefit for federal and state income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2015		2014		2013
Current tax benefit (provision)	$	48	$	199	$	(326	)
Deferred tax benefit (provision)	2,913		3,315		(2,871		)
Total income tax benefit (provision)	$	2,961	$	3,514	$	(3,197	)

Schedule of Effective Income Tax Rate Reconciliation

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

	Year Ended December 31,
	2015			2014			2013
Federal income tax provision at statutory rate	$	10,902		$	16,439		$	758
Change in valuation allowance	(13,601		)	(11,784		)	(4,347		)
State taxes, net of federal benefit	36			184			1,255
Nondeductible compensation	(530		)	(1,567		)	(1,370		)
Equity in loss of unconsolidated affiliate	2,766			816			198
Research and development credit	2,248
Other	1,140			(574		)	309
Total income tax benefit (provision)	$	2,961		$	3,514		$	(3,197	)