Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.6
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2012
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):

 

     2012      2011  

Deferred tax liabilities:

     

Property, plant and equipment

   $ 37,721       $ 37,149   
  

 

 

    

 

 

 
     37,721         37,149   

Deferred tax assets:

     

Employee benefits

     588         409   

Uncompleted contracts

     3,472         17   

Stock based compensation expense

     126         216   

Allowance for uncollectible accounts

     5,107         —     

Federal net operating loss

     3,608         9,292   

Other

     138         223   
  

 

 

    

 

 

 

Total deferred tax assets:

     13,039         10,157   
  

 

 

    

 

 

 

Net deferred tax liabilities:

   $ 24,682       $ 26,992   
  

 

 

    

 

 

 
Components of Income Tax Expense

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

 

     2012     2011     2010  

Current:

      

Federal

   $ —        $ —        $ 4,496   

State

     534        239        406   
  

 

 

   

 

 

   

 

 

 

Total current

     534        239        4,902   

Deferred:

      

Federal

     (1,749     (828     3,085   

State

     (99     (55     279   
  

 

 

   

 

 

   

 

 

 

Total deferred

     (1,848     (883     3,364   
  

 

 

   

 

 

   

 

 

 

Income taxes

   $ (1,314   $ (644   $ 8,266   
  

 

 

   

 

 

   

 

 

 
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):

 

     2012     %     2011     %     2010     %  

U.S. statutory rate

   $ (1,892     35.0   $ (857     35.0   $ 7,476        35.0

Increase (decrease) resulting from:

            

State income taxes

     783        (14.5     289        (11.8     893        4.2   

Qualified Production Activities

            

Income—Deduction

     —          —          —          —          (205     (1.0

Federal Work Opportunity Tax Credit

     —          —          —          —          —          —     

Other

     (205     3.8        (76     3.1        102        0.5   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expense

   $ (1,314     24.3   $ (644     26.3   $ 8,266        38.7