Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.3.1.900
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2015
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):
 
2015
 
2014
Deferred tax liabilities:
 
 
 
Property, plant and equipment
$
31,943

 
$
38,070

Prepaid insurance
1,209

 
1,310

Total deferred tax liabilities:
33,152

 
39,380

Deferred tax assets:
 
 
 
Employee benefits
924

 
951

Uncompleted contracts
3,321

 
391

Stock based compensation expense
825

 
43

Allowance for uncollectible accounts
16

 
1,261

Federal net operating loss
5,478

 

AMT tax credits
763

 

Total deferred tax assets:
11,327

 
2,646

Net deferred tax liabilities:
$
21,825

 
$
36,734

Components of Income Tax Expense
Significant components of income tax expense for the years ended December 31 were as follows (in thousands):
 
2015
 
2014
 
2013
Current:
 
 
 
 
 
Federal
$
219

 
$
(105
)
 
$

State
473

 
459

 
254

Total current
692

 
354

 
254

Deferred:
 
 
 
 
 
Federal
(13,614
)
 
8,120

 
4,049

State
(447
)
 
30

 

Total deferred
(14,061
)
 
8,150

 
4,049

Income taxes
$
(13,369
)
 
$
8,504

 
$
4,303

Reconciliation of Income Tax
A reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax (benefit) expense for the years ended December 31 is as follows (in thousands):
 
2015
 
%
 
2014
 
%
 
2013
 
%
U.S. statutory rate
$
(13,556
)
 
35.0
 %
 
$
8,338

 
35.0
 %
 
$
4,037

 
35.0
 %
Increase (decrease) resulting from:
 
 
 
 
 
 
 
 
 
 
 
State income taxes
275

 
(0.7
)%
 
311

 
1.0
 %
 
317

 
2.7
 %
Qualified Production Activities

 
 %
 
(21
)
 
(0.1
)%
 

 
 %
Other
(88
)
 
0.2
 %
 
(124
)
 
(0.2
)%
 
(51
)
 
(0.4
)%
Income tax (benefit) expense
$
(13,369
)
 
34.5
 %
 
$
8,504

 
35.7
 %
 
$
4,303

 
37.3
 %