5. Income Taxes

The Company’s total current income tax expense from continuing operations was as follows (in thousands):

 

 

The Company’s deferred income tax expense and its ending balance in deferred tax assets and liabilities were immaterial for 2017, 2016 and 2015.

The Company files federal, state and local income tax returns. Certain state income tax returns filed for 2013 and tax returns filed for 2014 through 2016 remain subject to examination. The Company has a net operating loss carryforward (NOL) for income tax purposes of $1.5 million that was generated during the year ended December 31, 2011 and, therefore, has no impact on income tax expense for the three years ended December 31, 2017. This loss is available to reduce future REIT taxable income until it expires in 2031. At this time, the Company does not believe it is likely it will use the NOL to reduce future taxable income; therefore, any deferred tax asset associated with such NOL has been fully reserved.

Management of the Company determines whether any tax positions taken or expected to be taken meet the “more‑likely‑than‑not” threshold of being sustained by the applicable federal, state or local tax authority. As of December 31, 2017 and 2016, management concluded that there is no tax liability relating to uncertain income tax positions. The Company’s policy is to recognize interest related to any underpayment of income taxes as interest expense and to recognize any penalties as operating expenses. There was no accrual for interest or penalties at December 31, 2017 and 2016.

The Company’s common stock distributions were characterized for federal income tax purposes as follows (per share):