Annual report pursuant to Section 13 and 15(d)

INCOME TAXES

v2.4.0.6
INCOME TAXES
 12 Months Ended
Dec. 31, 2011
INCOME TAXES

7. INCOME TAXES

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

 

     2011      2010  

Deferred tax liabilities:

      

Property, plant and equipment

    $ 37,149       $ 29,153   
  

 

 

     

 

 

  
     37,149         29,153   

Deferred tax assets:

      

Employee benefits

      409         541   

Uncompleted contracts

      17         375   

Stock based compensation expense

      216         224   

Federal net operating loss

      9,292         —     

Other

      223         161   
  

 

 

     

 

 

  

Total deferred tax assets:

      10,157         1,301   
  

 

 

     

 

 

  

Net deferred tax liabilities:

    $ 26,992       $ 27,852   
  

 

 

     

 

 

  

Our federal net operating loss generated during our 2011 tax year can be carried back two years or carried forward twenty years.

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

 

     2011     2010      2009  

Current:

        

Federal

    $ —        $ 4,496       $ 5,864   

State

      239        406         334   
  

 

 

    

 

 

     

 

 

  

Total current

      239        4,902         6,198   

Deferred:

        

Federal

      (828 )      3,085         4,860   

State

      (55 )      279         277   
  

 

 

    

 

 

     

 

 

  

Total deferred

      (883 )      3,364         5,137   
  

 

 

    

 

 

     

 

 

  

Income taxes

    $ (644 )    $ 8,266       $ 11,335   
  

 

 

    

 

 

     

 

 

  

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):

 

     2011     %     2010     %     2009     %  

U.S. statutory rate

    $ (857 )      35.0 %    $ 7,476        35.0 %    $ 11,249        35.0 % 

Increase (decrease) resulting from:

             

State income taxes

      289        (11.8 )      893        4.2        397        1.2   

Qualified Production Activities

             

Income—Deduction

      —          —          (205 )      (1.0 )      (269 )      (0.8 ) 

Federal Work Opportunity Tax Credit

      —          —          —          —          (117 )      (0.4 ) 

Other

      (76 )      3.1        102        0.5        75        0.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income tax expense

    $ (644 )      26.3 %    $ 8,266        38.7 %    $ 11,335        35.3 %