Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Components of provision (benefit) for income taxes

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



($ in thousands)	2019		2018		2017
Total (benefit) provision:	$	3,980	$	1,320	$	(1,283	)
Federal:
Current	1,798		862		(1,266		)
Deferred	866		64		255
	2,664		926		(1,011		)
State:
Current	812		353		(120		)
Deferred	504		41		(152		)
	1,316		394		(272		)
	$	3,980	$	1,320	$	(1,283	)

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 2019 and 2018 and 34% for 2017 is as follows for the years ended December 31:



($ in thousands)	2019			2018			2017
Income tax at statutory rate	$	3,058		$	1,171		$	(1,046	)
State income taxes, net of Federal benefit	948			317			(185		)
Oil and mineral depletion	(131		)	(134		)	(180		)
Permanent differences	26			19			25
Excess stock compensation expense	(57		)	(20		)	107
U.S. Tax Reform adjustment	—			—			54
Other	136			(33		)	(58		)
Provision (benefit) for income taxes	$	3,980		$	1,320		$	(1,283	)
Effective tax rate	27.3		%	23.8		%	41.3		%

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)	2019		2018
Deferred income tax assets:
Accrued expenses	$	349	$	318
Deferred revenues	370		697
Capitalization of costs	1,843		1,937
Pension adjustment	2,883		2,937
Stock grant expense	2,500		2,674
State deferred taxes	116		25
Book deferred gains	1,176		941
Joint venture allocations	533		1,091
Provision for additional capitalized costs	699		699
Interest rate swap	810		—
Other	39		155
Total deferred income tax assets	$	11,318	$	11,474
Deferred income tax liabilities:
Deferred gains	$	490	$	32
Depreciation	2,892		3,100
Cost of sales allocations	872		872
Joint venture allocations	5,070		4,914
Straight line rent	590		611
Prepaid expenses	333		298
State deferred taxes	208		256
Interest rate swap	—		28
Other	150		134
Total deferred income tax liabilities	$	10,605	$	10,245
Net deferred income tax asset	$	713	$	1,229
Allowance for deferred tax assets	—		—
Net deferred taxes	$	713	$	1,229