FEDERAL AND STATE CURRENT AND DEFERRED INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income tax benefit for federal and state income taxes

The Company’s income tax (provision) benefit for federal and state income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2017			2016			2015
Current tax (provision) benefit	$	360		$	(47	)	$	48
Deferred tax (provision) benefit	(3,442		)	1,182			2,913
Total income tax (provision) benefit	$	(3,082	)	$	1,135		$	2,961

Difference between income taxes at the federal statutory rate and effective tax rate

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,
	2017			2016			2015
Federal income tax (provision) benefit at statutory rate	$	(3,620	)	$	9,201		$	13,083
Change in valuation allowance	36,055			(7,664		)	(16,026		)
Impact of U.S. tax reform	(35,570		)
State taxes, net of federal benefit	319			225			280
Nondeductible compensation							(530		)
Equity in loss of unconsolidated affiliate							2,766
Research and development credit							2,248
Other	(266		)	(627		)	1,140
Total income tax (provision) benefit	$	(3,082	)	$	1,135		$	2,961

Components of deferred tax assets and liabilities

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

	December 31,
	2017			2016
Deferred tax assets:
Net operating losses, capital losses, and tax credit carryforwards	$	55,852		$	67,838
Deferred compensation	1,212			10,908
Impairment loss on securities	36			1,221
Impairment loss on water assets	10,791			17,277
Impairment loss on real estate				1,847
Capitalized expenses				9,788
Employee benefits, including stock-based compensation	745			9,945
Excess tax basis in affiliate	5,743			7,676
Fixed assets	811			469
Other, net	1,011			3,528
Total deferred tax assets	76,201			130,497
Deferred tax liabilities:
Unrealized appreciation on securities	122			4,138
Revaluation of real estate and water assets	3,251			5,247
Excess book basis in affiliate				5,770
Other, net	520			2,113
Total deferred tax liabilities	3,893			17,268
Valuation allowance	(72,308		)	(113,229		)
Net deferred income tax asset	$	—		$	—

Operating loss, federal tax credit, and state capital loss 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 2018 through 2020			$	2,751	$	14,161	$	8,500
Expire 2021 through 2025			782		6,819		5,655
Expire 2026 through 2030					17,009
Expire 2031 through 2037	$	185,494	3,970		136,730
Total	$	185,494	$	7,503	$	174,719	$	14,155