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