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