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 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, 2013, 2012, and 2011 are as follows (in thousands):

 
  
2013
    
2012
    
2011
  
Current
  
   
   
 
  Federal
  
$
12,654
    
$
14,782
    
$
9,272
  
  State
    
2,544
      
2,959
      
1,647
  
 
    
15,198
      
17,741
      
10,919
  
Deferred
                        
  Federal
    
(848
)
    
(999
)
    
1,188
  
  State
    
(26
)
    
(254
)
    
95
  
 
    
(874
)
    
(1,253
)
    
1,283
  
Provision for income taxes
  
$
14,324
    
$
16,488
    
$
12,202
  
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):

 
  
2013
    
2012
    
2011
  
Tax at statutory federal income tax rate
  
$
13,410
    
$
15,348
    
$
11,343
  
Increases (decreases) in tax resulting from:
                        
  State taxes, net of federal tax benefit
    
1,630
      
1,901
      
1,233
  
  Permanent differences, net
    
(685
)
    
(522
)
    
(221
)
  Other, net
    
(31
)
    
(239
)
    
(153
)
Provision for income taxes
  
$
14,324
    
$
16,488
    
$
12,202
  
Deferred Tax Assets and Liabilities
The tax effect of temporary differences representing deferred tax assets and liabilities as of December 31, 2013 and 2012, are as follows (in thousands):

 
  
2013
    
2012
  
Gross deferred tax assets
  
   
 
  Deferred compensation and accrued paid leave
  
$
6,805
    
$
5,947
  
  Accrued expenses
    
1,489
      
1,533
  
  Stock-based compensation
    
510
      
386
  
  Interest rate swaps
    
125
      
456
  
  Reserve for contract disallowances
    
326
      
328
  
  Acquisition-related expenses
    
603
      
262
  
  Capitalized inventory
    
409
      
424
  
  Other
    
-
      
61
  
    Total gross deferred tax assets
    
10,267
      
9,397
  
 
                
Gross deferred tax liabilities
                
  Depreciation
    
(3,237
)
    
(3,288
)
  Deferred revenues
    
(1,921
)
    
(2,746
)
  Goodwill and intangible assets
    
(1,701
)
    
(497
)
    Total gross deferred tax liabilities
    
(6,859
)
    
(6,531
)
 
                
    Net deferred tax assets
  
$
3,408
    
$
2,866