Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2014
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, 2014, 2013, and 2012 are as follows (in thousands):

 
  
2014
    
2013
    
2012
  
Current
  
   
   
 
Federal
  
$
7,889
    
$
12,654
    
$
14,782
  
State
    
1,486
      
2,544
      
2,959
  
     
9,375
      
15,198
      
17,741
  
Deferred
                        
Federal
    
2,595
      
(848
)
    
(999
)
State
    
488
      
(26
)
    
(254
)
     
3,083
      
(874
)
    
(1,253
)
Provision for income taxes
  
$
12,458
    
$
14,324
    
$
16,488
  

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):

 
  
2014
    
2013
    
2012
  
Tax at statutory federal income tax rate
  
$
11,531
    
$
13,410
    
$
15,348
  
Increases (decreases) in tax resulting from:
                        
State taxes, net of federal tax benefit
    
1,486
      
1,630
      
1,901
  
Permanent differences, net
    
(516
)
    
(685
)
    
(522
)
Other, net
    
(43
)
    
(31
)
    
(239
)
Provision for income taxes
  
$
12,458
    
$
14,324
    
$
16,488
  

Deferred Tax Assets and Liabilities
The tax effect of temporary differences representing deferred tax assets and liabilities as of  December 31, 2014 and 2013, are as follows (in thousands):

 
  
2014
    
2013
  
Gross deferred tax assets
  
   
 
Deferred compensation and accrued paid leave
  
$
6,992
    
$
6,805
  
Accrued expenses
    
1,276
      
1,489
  
Stock-based compensation
    
592
      
510
  
Interest rate swaps
    
-
      
125
  
Reserve for contract disallowances
    
287
      
326
  
Acquisition-related expenses
    
982
      
603
  
Capitalized inventory
    
589
      
409
  
Other
    
5
      
-
  
Total gross deferred tax assets
    
10,723
      
10,267
  
                 
Gross deferred tax liabilities
                
Depreciation
    
(2,830
)
    
(3,237
)
Deferred revenues
    
(2,676
)
    
(1,921
)
Goodwill and intangible assets
    
(5,017
)
    
(1,701
)
Total gross deferred tax liabilities
    
(10,523
)
    
(6,859
)
                 
Net deferred tax assets
  
$
200
    
$
3,408