Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v2.4.0.6
Income Taxes
 6 Months Ended
Jun. 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 tax (expense) benefit consisted of the following (in thousands):
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2012
 
2011
 
2012
 
2011
Deferred
 

 
 

 
 
 
 
Federal
$
(13
)
 
$
4,119

 
$
(3,430
)
 
$
4,566

State
(4
)
 
910

 
(760
)
 
1,010

 
(17
)
 
5,029

 
(4,190
)
 
5,576

Current
 

 
 

 
 
 
 
Federal
—

 
10

 
—

 
8

State
—

 
3

 
—

 
2

 
—

 
13

 
—

 
10

Total income tax (expense) benefit
$
(17
)
 
$
5,042

 
$
(4,190
)
 
$
5,586


 
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 six months ended June 30, 2012 and 2011.