Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v2.4.0.6
Income Taxes
 9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
 
We own a taxable REIT subsidiary (“TRS”) that is subject to Federal and state income taxes.  Our TRS’s provision for income taxes consisted of the following (in thousands):
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2012
 
2011
 
2012
 
2011
Deferred
 

 
 

 
 
 
 
Federal
$
(87
)
 
$
427

 
$
(3,517
)
 
$
4,993

State
(19
)
 
95

 
(779
)
 
1,105

 
(106
)
 
522

 
(4,296
)
 
6,098

Current
 

 
 

 
 
 
 
Federal
—

 
(53
)
 
—

 
(45
)
State
—

 
(12
)
 
—

 
(10
)
 
—

 
(65
)
 
—

 
(55
)
Total income tax (expense) benefit
$
(106
)
 
$
457

 
$
(4,296
)
 
$
6,043


 
Items in our TRS contributing to temporary differences that lead to deferred taxes include depreciation and amortization, share-based compensation, certain accrued compensation, compensation paid in the form of contributions to a deferred nonqualified compensation plan, impairment losses and net operating losses that are not deductible until future periods.
 
Our TRS’s combined Federal and state effective tax rate was 38.6% for the three and nine months ended September 30, 2012 and 2011.