Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.1.9
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands):

 

     2014      2013  

Deferred tax liabilities:

      

Property, plant and equipment

    $ 38,070       $ 38,397   

Prepaid insurance

      1,310         —     
  

 

 

     

 

 

  

Total deferred tax liabilities:

      39,380         38,397   

Deferred tax assets:

      

Employee benefits

      951         677   

Uncompleted contracts

      391         931   

Stock based compensation expense

      43         65   

Allowance for uncollectible accounts

      1,261         311   

Federal net operating loss

      —           7,584   

Other

      —           359   
  

 

 

     

 

 

  

Total deferred tax assets:

      2,646         9,927   
  

 

 

     

 

 

  

Net deferred tax liabilities:

    $ 36,734       $ 28,470   
  

 

 

     

 

 

  

Components of Income Tax Expense

Significant components of income tax expense for the years ended December 31 were as follows (in thousands):

 

     2014     2013      2012  

Current:

        

Federal

    $ (105 )    $ —         $ —     

State

      459        254         534   
  

 

 

    

 

 

     

 

 

  

Total current

      354        254         534   

Deferred:

        

Federal

      8,120        4,049         (1,749 ) 

State

      30        —           (99 ) 
  

 

 

    

 

 

     

 

 

  

Total deferred

      8,150        4,049         (1,848 ) 
  

 

 

    

 

 

     

 

 

  

Income taxes

    $ 8,504      $ 4,303       $ (1,314 ) 
  

 

 

    

 

 

     

 

 

  
Reconciliation of Income Tax

A reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax expense for the years ended December 31 is as follows (in thousands):

 

     2014     %     2013     %     2012     %  

U.S. statutory rate

    $ 8,338        35.0 %    $ 4,037        35.0 %    $ (1,892 )      35.0 % 

Increase (decrease) resulting from:

             

State income taxes

      311        1.0        317        2.7        783        (14.5 ) 

Qualified Production Activities

      (21 )      (0.1 )         

Other

      (124 )      (0.2 )      (51 )      (0.4 )      (205 )      3.8   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income tax expense

    $ 8,504        35.7 %    $ 4,303        37.3 %    $ (1,314 )      24.3 %