INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Components of Provision (Benefit) for Income Taxes

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


($ in thousands)	2024		2023		2022
Total provision (benefit):	$	976	$	2,323	$	7,393
Federal:
Current	26		1,371		3,330
Deferred	633		353		1,718
	659		1,724		5,048
State:
Current	260		584		2,044
Deferred	57		15		301
	317		599		2,345
Total	$	976	$	2,323	$	7,393

Schedule of 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 2024, 2023 and 2022, is as follows for the years ended December 31:


($ in thousands)	2024			2023			2022
Income tax at statutory rate	$	770		$	1,195		$	4,869
State income taxes, net of Federal benefit	256			578			1,851
Excess stock compensation expense (benefit)	6			(501)			(147)
Non-deductible compensation	181			1,302			1,008
Oil and mineral depletion	(129)			(130)			(147)
Refunds	(1)			—			—
Permanent differences	11			9			10

Other	(118)			(130)			(51)
Provision for income taxes	$	976		$	2,323		$	7,393
Effective tax rate	26.6		%	41.6		%	31.9		%

Schedule of 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)	2024		2023
Deferred income tax assets:
Accrued expenses	$	319	$	293
Deferred revenues	644		563
Capitalization of costs	1,157		1,218
Pension adjustment	1,801		1,921
Stock grant expense	2,164		1,048
State deferred taxes	248		355
Book deferred gains	2,127		2,127
Joint venture allocations	524		552
Provision for additional capitalized costs	699		699
Interest rate swap	1,444		1,444
Other	74		81
Total deferred income tax assets	$	11,201	$	10,301
Deferred income tax liabilities:
Deferred gains	$	1,753	$	1,753
Depreciation	5,447		4,766
Cost of sales allocations	872		872
Joint venture allocations	7,729		7,272
Capitalized stock compensation	1,431		1,202
Straight line rent	231		296
Prepaid expenses	679		369
State deferred taxes	—		96
Interest rate swap	1,444		1,444
Other	674		500
Total deferred income tax liabilities	$	20,260	$	18,570
Net deferred income tax (liability)	$	(9,059)	$	(8,269)
Allowance for deferred tax assets	—		—
Net deferred taxes	$	(9,059)	$	(8,269)