Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Taxes [Abstract]  
Components of Provision for Income Taxes
The components of the provision for income taxes from continuing operations for the years ended December 31, 2015, 2014 and 2013 are as follows (in thousands):

   
2015
    
2014
    
2013
  
Current
            
  Federal
  
$
13,641
    
$
7,889
    
$
12,654
  
  State
    
2,352
      
1,486
      
2,544
  
     
15,993
      
9,375
      
15,198
  
Deferred
                        
  Federal
    
73
      
2,595
      
(848
)
  State
    
11
      
488
      
(26
)
     
84
      
3,083
      
(874
)
Provision for income taxes
  
$
16,077
    
$
12,458
    
$
14,324
  
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, 2015, 2014 and 2013 are as follows (in thousands):

   
2015
    
2014
    
2013
  
Tax at statutory federal income tax rate
  
$
14,348
    
$
11,531
    
$
13,410
  
Increases (decreases) in tax resulting from:
                        
  State taxes, net of federal tax benefit
    
1,683
      
1,486
      
1,630
  
  Permanent differences, net
    
88
      
(516
)
    
(685
)
  Other, net
    
(42
)
    
(43
)
    
(31
)
Provision for income taxes
  
$
16,077
    
$
12,458
    
$
14,324
  
Deferred Tax Assets and Liabilities
The tax effect of temporary differences representing deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows (in thousands):

   
2015
    
2014
  
Gross deferred tax assets
        
  Deferred compensation and accrued paid leave
  
$
6,943
    
$
6,992
  
  Accrued expenses
    
2,228
      
1,276
  
  Stock-based compensation
    
765
      
592
  
  Interest rate swaps
    
47
      
-
  
  Reserve for contract disallowances
    
119
      
287
  
  Acquisition-related expenses
    
503
      
982
  
  Capitalized inventory
    
1,080
      
589
  
  Other
    
3
      
5
  
    Total gross deferred tax assets
    
11,688
      
10,723
  
                 
Gross deferred tax liabilities
                
  Depreciation
    
(3,912
)
    
(2,830
)
  Deferred revenues
    
(2,189
)
    
(2,676
)
  Goodwill and intangible assets
    
(37,111
)
    
(5,017
)
    Total gross deferred tax liabilities
    
(43,212
)
    
(10,523
)
                 
    Net deferred tax (liabilities) assets
  
$
(31,524
)
  
$
200