Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Components of provision (benefit) for income taxes

The provision for income taxes consists of the following at December 31:



($ in thousands)	2017			2016			2015
Total (benefit) provision:	$	(1,123	)	$	336		$	1,125
Federal:
Current	(1,266		)	(758		)	1,521
Deferred	380			1,021			(682		)
	(886		)	263			839
State:
Current	(120		)	(145		)	585
Deferred	(117		)	218			(299		)
	(237		)	73			286
	$	(1,123	)	$	336		$	1,125

Reconciliation of income tax expense from statutory Federal income tax rate

A reconciliation of the provision for income taxes, with the amount computed by applying the statutory Federal income tax rate of 34% to income before provision for income taxes is as follows for the years ended December 31:



($ in thousands)	2017			2016			2015
Income tax at statutory rate	$	(910	)	$	304		$	1,360
State income taxes, net of Federal benefit	(161		)	42			213
Oil and mineral depletion	(180		)	(161		)	(213		)
Permanent differences	25			82			(92		)
Excess stock compensation expense	107			—			—
Tax Reform adjustment	54			—			—
Other	(58		)	69			(143		)
(Benefit) provision for income taxes	$	(1,123	)	$	336		$	1,125
Effective tax rate	42.0		%	37.6		%	28.1		%

Components of net deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31:



($ in thousands)	2017		2016
Deferred income tax assets:
Accrued expenses	$	393	$	561
Deferred revenues	209		654
Capitalization of costs	2,138		3,224
Pension adjustment	2,996		4,690
Stock grant expense	2,130		2,309
State deferred taxes	—		37
Book deferred gains	941		1,912
Joint venture allocations	1,025		932
Provision for additional capitalized costs	699		1,003
Interest rate swap	267		799
Other	423		41
Total deferred income tax assets	$	11,221	$	16,162
Deferred income tax liabilities:
Deferred gains	$	32	$	51
Depreciation	3,563		5,279
Cost of sales allocations	872		1,252
Joint venture allocations	3,972		5,389
Straight line rent	631		926
Prepaid expenses	132		323
State deferred taxes	322		470
Other	135		190
Total deferred income tax liabilities	$	9,659	$	13,880
Net deferred income tax asset	$	1,562	$	2,282
Allowance for deferred tax assets	—		—
Net deferred taxes	$	1,562	$	2,282