Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)	2021		2020		2019
Total provision (benefit):	$	3,821	$	829	$	3,980
Federal:
Current	1,960		(852)		1,798
Deferred	620		1,464		866
	2,580		612		2,664
State:
Current	937		(21)		812
Deferred	304		238		504
	1,241		217		1,316
	$	3,821	$	829	$	3,980

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 2021, 2020 and 2019 is as follows for the years ended December 31: 

($ in thousands)	2021			2020			2019
Income tax at statutory rate	$	1,924		$	17		$	3,058
State income taxes, net of Federal benefit	802			217			948
Excess stock compensation expense	34			365			(57)
Non-deductible compensation	539			357			—
Oil and mineral depletion	(108)			(101)			(131)
Refunds	—			(78)			—
Permanent differences	26			16			26
Stock compensation true-up	641			—			—
Other	(37)			36			136
Provision (benefit) for income taxes	$	3,821		$	829		$	3,980
Effective tax rate	41.7		%	1,011.0		%	27.3		%

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)	2021		2020
Deferred income tax assets:
Accrued expenses	$	429	$	322
Deferred revenues	544		557
Capitalization of costs	1,390		1,661
Pension adjustment	2,342		2,921
Stock grant expense	2,046		2,211
State deferred taxes	194		—
Book deferred gains	2,297		1,034
Joint venture allocations	593		587
Provision for additional capitalized costs	699		699
Interest rate swap	921		1,769
Other	77		209
Total deferred income tax assets	$	11,532	$	11,970
Deferred income tax liabilities:
Deferred gains	$	1,321	$	490
Depreciation	3,722		3,533
Cost of sales allocations	872		872
Joint venture allocations	6,367		6,592
Capitalized stock compensation	958		—
Straight line rent	412		548
Prepaid expenses	399		340
State deferred taxes	190		383
Other	189		137
Total deferred income tax liabilities	$	14,430	$	12,895
Net deferred income tax (liability)	$	(2,898)	$	(925)
Allowance for deferred tax assets	—		—
Net deferred taxes	$	(2,898)	$	(925)