Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.8
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2013
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):

 

     2013      2012  

Deferred tax liabilities:

      

Property, plant and equipment

    $ 38,397       $ 37,721   
  

 

 

     

 

 

  

Total deferred tax liabilities:

      38,397         37,721   

Deferred tax assets:

      

Employee benefits

      677         588   

Uncompleted contracts

      931         3,472   

Stock based compensation expense

      65         126   

Allowance for uncollectible accounts

      311         5,107   

Federal net operating loss

      7,584         3,608   

Other

      359         138   
  

 

 

     

 

 

  

Total deferred tax assets:

      9,927         13,039   
  

 

 

     

 

 

  

Net deferred tax liabilities:

    $ 28,470       $ 24,682   
  

 

 

     

 

 

  

Components of Income Tax Expense

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

 

     2013      2012     2011  

Current:

        

Federal

    $ —         $ —        $ —     

State

      254         534        239   
  

 

 

     

 

 

    

 

 

  

Total current

      254         534        239   

Deferred:

        

Federal

      4,049         (1,749 )      (828 ) 

State

      —           (99 )      (55 ) 
  

 

 

     

 

 

    

 

 

  

Total deferred

      4,049         (1,848 )      (883 ) 
  

 

 

     

 

 

    

 

 

  

Income taxes

    $ 4,303       $ (1,314 )    $ (644 ) 
  

 

 

     

 

 

    

 

 

  

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):

 

     2013     %     2012     %     2011     %  

U.S. statutory rate

    $ 4,037        35.0 %    $ (1,892 )      35.0 %    $ (857 )      35.0 % 

Increase (decrease) resulting from:

             

State income taxes

      317        2.7        783        (14.5 )      289        (11.8 ) 

Qualified Production Activities

             

Income—Deduction

      —          —          —          —          —          —     

Federal Work Opportunity Tax Credit

      —          —          —          —          —          —     

Other

      (51 )      (0.4 )      (205 )      3.8        (76 )      3.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income tax expense

    $ 4,303        37.30 %    $ (1,314 )      24.3 %    $ (644 )      26.3 %