Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Components of Provision for Income Taxes
We file consolidated federal income tax returns that include all of our subsidiaries.  The components of the provision for income taxes from continuing operations for the years ended December 31, 2012, 2011, and 2010 are as follows (in thousands):

 
 
2012
   
2011
   
2010
 
Current
                 
  Federal
 
$
14,782
   
$
9,272
   
$
13,217
 
  State
   
2,959
     
1,647
     
1,747
 
 
   
17,741
     
10,919
     
14,964
 
Deferred
                       
  Federal
   
(999
)
   
1,188
     
(752
)
  State
   
(254
)
   
95
     
24
 
 
   
(1,253
)
   
1,283
     
(728
)
Provision for income taxes
 
$
16,488
   
$
12,202
   
$
14,236
 
Effective Income Tax Reconciliation
The differences between the amount of tax computed at the federal statutory rate of 35% and the provision for income taxes from continuing operations for the years ended December 31, are as follows (in thousands):

 
 
2012
   
2011
   
2010
 
Tax at statutory federal income tax rate
 
$
15,348
   
$
11,343
   
$
13,212
 
Increases (decreases) in tax resulting from:
                       
  State taxes, net of federal tax benefit
   
1,901
     
1,233
     
1,331
 
  Permanent differences, net
   
(77
)
   
192
     
(50
)
  Other, net
   
(684
)
   
(566
)
   
(257
)
Provision for income taxes
 
$
16,488
   
$
12,202
   
$
14,236
 
Deferred Tax Assets and Liabilities
The tax effect of temporary differences representing deferred tax assets and liabilities as of December 31, 2012 and 2011, are as follows (in thousands):

 
 
2012
   
2011
 
Gross deferred tax assets
           
  Deferred compensation and accrued paid leave
 
$
5,947
   
$
5,125
 
  Accrued expenses
   
1,533
     
946
 
  Stock-based compensation
   
386
     
530
 
  Interest rate swaps
   
456
     
429
 
  Reserve for contract disallowances
   
328
     
316
 
  Acquisition-related expenses
   
262
     
281
 
  Capitalized inventory
   
424
     
125
 
  Impairment charges
   
3,445
     
-
 
  Other
   
61
     
61
 
    Total gross deferred tax assets
   
12,842
     
7,813
 
 
               
Gross deferred tax liabilities
               
  Depreciation
   
(3,288
)
   
(2,563
)
  Deferred revenues
   
(2,746
)
   
(2,113
)
  Intangible assets
   
(3,942
)
   
(1,551
)
    Total gross deferred tax liabilities
   
(9,976
)
   
(6,227
)
 
               
    Net deferred tax assets
 
$
2,866
   
$
1,586