Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v2.4.0.6
Income Taxes
 3 Months Ended
Mar. 31, 2012
Income Taxes  
Income Taxes

12.                               Income Taxes

 

We own a taxable REIT subsidiary (“TRS”) that is subject to Federal and state income taxes.  Our TRS’s provision for income tax (expense) benefit consisted of the following (in thousands):

 

 

 

For the Three Months 
Ended March 31,

 

 

 

2012

 

2011

 

Deferred

 

 

 

 

 

Federal

 

$

(3,417

)

$

447

 

State

 

(756

)

100

 

 

 

(4,173

)

547

 

Current

 

 

 

 

 

Federal

 

—

 

(2

)

State

 

—

 

(1

)

 

 

—

 

(3

)

Total income tax (expense) benefit

 

$

(4,173

)

$

544

 

 

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 months ended March 31, 2012 and 2011.