Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Components of provision (benefit) for income taxes

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



($ in thousands)	2018		2017			2016
Total (benefit) provision:	$	1,320	$	(1,283	)	$	496
Federal:
Current	862		(1,266		)	(758		)
Deferred	64		255			1,146
	926		(1,011		)	388
State:
Current	353		(120		)	(145		)
Deferred	41		(152		)	253
	394		(272		)	108
	$	1,320	$	(1,283	)	$	496

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 21% in 2018 and 34% for periods prior to income before provision for income taxes is as follows for the years ended December 31:



($ in thousands)	2018			2017			2016
Income tax at statutory rate	$	1,171		$	(1,046	)	$	440
State income taxes, net of Federal benefit	317			(185		)	66
Oil and mineral depletion	(134		)	(180		)	(161		)
Permanent differences	19			25			82
Excess stock compensation expense	(20		)	107			—
U.S. Tax Reform adjustment	—			54			—
Other	(33		)	(58		)	69
(Benefit) provision for income taxes	$	1,320		$	(1,283	)	$	496
Effective tax rate	23.8		%	41.3		%	39.6		%

Components of net deferred tax assets and liabilities

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



($ in thousands)	2018		2017
Deferred income tax assets:
Accrued expenses	$	318	$	393
Deferred revenues	697		209
Capitalization of costs	1,937		2,138
Pension adjustment	2,937		2,996
Stock grant expense	2,674		2,130
State deferred taxes	25		—
Book deferred gains	941		941
Joint venture allocations	1,091		1,025
Provision for additional capitalized costs	699		699
Interest rate swap	—		267
Other	155		423
Total deferred income tax assets	$	11,474	$	11,221
Deferred income tax liabilities:
Deferred gains	$	32	$	32
Depreciation	3,100		3,563
Cost of sales allocations	872		872
Joint venture allocations	4,914		3,972
Straight line rent	611		631
Prepaid expenses	298		132
State deferred taxes	256		322
Interest rate swap	28		—
Other	134		135
Total deferred income tax liabilities	$	10,245	$	9,659
Net deferred income tax asset	$	1,229	$	1,562
Allowance for deferred tax assets	—		—
Net deferred taxes	$	1,229	$	1,562