Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of provision (benefit) for income taxes

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

($ in thousands)	2020		2019		2018
Total (benefit) provision:	$	829	$	3,980	$	1,320
Federal:
Current	(852)		1,798		862
Deferred	1,464		866		64
	612		2,664		926
State:
Current	(21)		812		353
Deferred	238		504		41
	217		1,316		394
	$	829	$	3,980	$	1,320

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 2020, 2019 and 2018 is as follows for the years ended December 31: 

($ in thousands)	2020			2019			2018
Income tax at statutory rate	$	17		$	3,058		$	1,171
State income taxes, net of Federal benefit	217			948			317
Excess stock compensation expense	365			(57)			(20)
Non-deductible compensation	357			—			—
Oil and mineral depletion	(101)			(131)			(134)
Refunds	(78)			—			—
Permanent differences	16			26			19
Other	36			136			(33)
Provision (benefit) for income taxes	$	829		$	3,980		$	1,320
Effective tax rate	1,011.0		%	27.3		%	23.8		%

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)	2020		2019
Deferred income tax assets:
Accrued expenses	$	322	$	349
Deferred revenues	557		370
Capitalization of costs	1,661		1,843
Pension adjustment	2,921		2,883
Stock grant expense	2,211		2,500
State deferred taxes	—		116
Book deferred gains	1,034		1,176
Joint venture allocations	587		533
Provision for additional capitalized costs	699		699
Interest rate swap	1,769		810
Other	209		39
Total deferred income tax assets	$	11,970	$	11,318
Deferred income tax liabilities:
Deferred gains	$	490	$	490
Depreciation	3,533		2,892
Cost of sales allocations	872		872
Joint venture allocations	6,592		5,070
Straight line rent	548		590
Prepaid expenses	340		333
State deferred taxes	383		208
Other	137		150
Total deferred income tax liabilities	$	12,895	$	10,605
Net deferred income tax (liability) asset	$	(925)	$	713
Allowance for deferred tax assets	—		—
Net deferred taxes	$	(925)	$	713