Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Components of Provision for Income Taxes
The components of the provision for income taxes from continuing operations for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):
 
2017
 
2016
 
2015
Current
 
 
 
 
 
Federal
$
14,149

 
$
13,648

 
$
13,641

State
2,511

 
2,379

 
2,352

 
16,660

 
16,027

 
15,993

Deferred
 

 
 

 
 

Federal
(10,645
)
 
(983
)
 
73

State
110

 
(163
)
 
11

Foreign
(136
)
 
—

 
—

 
(10,671
)
 
(1,146
)
 
84

Provision for income taxes
$
5,989

 
$
14,881

 
$
16,077

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, 2017, 2016 and 2015 are as follows (in thousands):
 
2017
 
2016
 
2015
Tax at statutory federal income tax rate
$
15,780

 
$
14,586

 
$
14,348

Increases (decreases) in tax resulting from:
 

 
 

 
 

State taxes, net of federal tax benefit
1,732

 
1,599

 
1,683

Permanent differences, net
(643
)
 
(974
)
 
88

Impact of Tax Act
(10,556
)
 
—

 
—

Other, net
(324
)
 
(330
)
 
(42
)
Provision for income taxes
$
5,989

 
$
14,881

 
$
16,077

Deferred Tax Assets and Liabilities
The tax effect of temporary differences representing deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows (in thousands):
 
2017
 
2016
Gross deferred tax assets
 
 
 
Deferred compensation and accrued paid leave
$
5,594

 
$
7,602

Accrued expenses
1,013

 
1,933

Stock-based compensation
772

 
803

Reserve for contract disallowances
84

 
90

Capitalized inventory
916

 
1,104

State operating loss carryforward
263

 
283

Tax credit carryforward
178

 
155

Foreign country operating loss carryforward
136

 
—

Legal settlements
—

 
614

Other
—

 
65

  Total gross deferred tax assets
8,956

 
12,649

 
 
 
 
Gross deferred tax liabilities
 
 
 
Interest rate swaps
(74
)
 
(28
)
Depreciation
(2,439
)
 
(3,522
)
Deferred revenues
(1,875
)
 
(2,291
)
Goodwill and intangible assets
(23,854
)
 
(36,680
)
Total gross deferred tax liabilities
(28,242
)
 
(42,521
)
 
 
 
 
Net deferred tax liabilities
$
(19,286
)
 
$
(29,872
)

Certain amounts from the prior year have been reclassified to conform to the current year presentation.