Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

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)	2012		2011			2010
Total provision:	$	2,723	$	7,367		$	2,852
Federal:
Current	$	903	6,812			169
Deferred	1,092		(1,233		)	2,055
	1,995		5,579			2,224
State:
Current	67		2,133			112
Deferred	661		(345		)	516
	728		1,788			628
	$	2,723	$	7,367		$	2,852

Reconciliation of income tax expense from statutory Federal income tax rate

The reasons for the difference between total income tax expense and the amount computed by applying the statutory Federal income tax rate of 38% to income before taxes are as follows for the years ended December 31:

($ in thousands)	2012			2011			2010
Income tax at statutory rate	$	2,382		$	7,909		$	2,389
State income taxes, net of Federal benefit	472			1,180			384
Oil and mineral depletion	(620		)	(552		)	(275		)
Valuation allowance - land contribution	—			(595		)	—
Other, net	489			(575		)	354
Total provision	$	2,723		$	7,367		$	2,852

Components of net deferred tax assets and liabilities

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

($ in thousands)	2012		2011
Deferred income tax assets:
Accrued expenses	$	525	$	222
Deferred revenues	512		829
Capitalization of costs	1,758		1,746
Pension adjustment	4,262		3,660
Stock grant expense	7,005		6,955
State deferred taxes	777		761
Book deferred gains	963		963
Provision for additional capitalized costs	1,003		1,210
Other	73		382
Total deferred income tax assets	$	16,878	$	16,728
Deferred income tax liabilities:
Deferred gains	$	1,390	$	1,390
Depreciation	3,374		2,504
Cost of sales allocations	1,252		1,252
Joint venture allocations	2,084		1,054
Straight line rent	1,063		1,117
Prepaid expenses	212		189
State deferred taxes	345		574
Other	785		704
Total deferred income tax liabilities	$	10,505	$	8,784
Net deferred income tax asset	$	6,373	$	7,944
Allowance for deferred tax assets	—		—
Net deferred taxes	$	6,373	$	7,944