Annual report pursuant to Section 13 and 15(d)

INCOME TAXES

v2.4.1.9
INCOME TAXES
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
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):

 

     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   
  

 

 

    

 

 

 

We utilized our entire federal net operating loss in 2014.

 

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
  

 

 

   

 

 

    

 

 

 

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