Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.10.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Reconciliation of Income Tax
A reconciliation of the U.S. federal statutory tax rate to our income tax (expense) benefit for 2018, 2017 and 2016, is as follows (in thousands):
 
Years Ended December 31,
 
2018
 
2017
 
2016
 
Amount
 
%
 
Amount
 
%
 
Amount
 
%
U.S. statutory rate
$
4,159

 
21.0%
 
$
24,136

 
35.0%
 
$
(1,945
)
 
35.0%
Increase (decrease) resulting from:
 
 
 
 
 
 
 
 
 
 
 
Permanent differences
(206
)
 
(1.0)%
 
(330
)
 
0.5%
 
(64
)
 
1.1%
State income taxes
(571
)
 
(2.9)%
 
366

 
(0.5)%
 
(32
)
 
0.6%
Other
374

 
1.9%
 
(118
)
 
0.2%
 

 
—%
Discrete items
 
 
 
 
 
 
 
 
 
 
 
Vesting of common stock
(19
)
 
(0.1)%
 
(253
)
 
0.4%
 

 
—%
Change in valuation allowance
(4,308
)
 
(21.7)%
 
392

 
(0.5)%
 

 
—%
Income tax (expense) benefit
$
(571
)
 
(2.8)%

$
24,193

 
35.1%
 
$
(2,041
)
 
36.7%
Components of Income Tax Expense
Significant components of our income tax (expense) benefit for 2018, 2017 and 2016, were as follows (in thousands):
 
Years Ended December 31,
 
2018
 
2017
 
2016
Current
 
 
 
 
 
Federal
$

 
$

 
$
(302
)
State
(317
)
 
(83
)
 
(361
)
  Total current
(317
)
 
(83
)
 
(663
)
Deferred
 
 
 
 
 
Federal
3,410

 
24,219

 
(1,549
)
State
644

 
449

 
171

Valuation allowance
(4,308
)
 
(392
)
 

Total deferred
(254
)
 
24,276

 
(1,378
)
Income tax (expense) benefit
$
(571
)
 
$
24,193

 
$
(2,041
)
Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities at December 31, 2018 and 2017, were as follows (in thousands):
 
December 31,
 
2018
 
2017
Deferred tax assets
 
 
 
Employee benefits
$
758

 
$
962

Uncompleted contracts
2,380

 
2,664

Stock based compensation expense
266

 
350

Allowance for doubtful accounts
84

 
99

Long-term incentive awards
150

 
280

Federal net operating losses
9,962

 
13,190

State net operating losses
1,155

 
511

Other
395

 
394

    Total deferred tax assets
15,150

 
18,450

Deferred tax liabilities
 
 
 
Property, plant and equipment
(10,199
)
 
(17,605
)
Prepaid insurance
(450
)
 
(453
)
   Total deferred tax liabilities
(10,649
)
 
(18,058
)
Net deferred tax assets
4,501

 
392

Valuation allowance
(4,701
)
 
(392
)
Net deferred taxes (1)
$
(200
)
 
$


______________
(1)    Amounts are included in other noncurrent liabilities on our Balance Sheet.