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