Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of components of income (loss) from continuing operation before income taxes

	Years ended December 31,
	2015		2014		2013
	(in thousands)
U.S.	$	12,688	$	10,535	$	10,408
Non U.S.		1,456		1,307		892
Income from continuing operations before income taxes	$	14,144	$	11,842	$	11,300

Schedule of components of income tax expense

	Federal		State		Foreign		Total
	(in thousands)
December 31, 2015
Current	$	(208)	$	13	$	476	$	281
Deferred		5,332		1,175		—		6,507
Total 2015	$	5,124	$	1,188	$	476	$	6,788
December 31, 2014
Current	$	109	$	179	$	311	$	599
Deferred		3,832		164		—		3,996
Total 2014	$	3,941	$	343	$	311	$	4,595
December 31, 2013
Current	$	(155)	$	123	$	95	$	63
Deferred		(3,755)		(634)		—		(4,389)
Total 2013	$	(3,910)	$	(511)	$	95	$	(4,326)

Schedule of reconciliation of the federal income tax expense at the statutory rate to the effective income tax expense

	Years Ended December 31,
	2015			2014			2013
	(in thousands and % of pre-tax income)
	$		%	$		%	$		%
Statutory federal income tax expense		4,809	34.0		4,027	34.0		3,842	34.0
State taxes, net of federal benefit		784	5.5		117	1.0		(338)	(3.0)
Foreign tax paid		476	3.4		101	0.9		95	0.8
Tax consequences of the sale of engines to WMES		(306)	(2.1)		(36)	(0.3)		(36)	(0.3)
Uncertain tax positions		(195)	(1.4)		(101)	(0.9)		160	1.4
Permanent differences-nondeductible executive compensation		1,117	7.9		768	6.5		732	6.5
ETI basis restoration		—	—		—	—		(8,728)	(77.2)
Permanent differences and other		103	0.7		(281)	(2.4)		(53)	(0.5)
Effective income tax expense (benefit)		6,788	48.0		4,595	38.8		(4,326)	(38.3)

Summary of activity related to the Company's unrecognized tax benefits

	(in thousands)
Balance as of December 31, 2013	$	566
Increases related to current year tax positions		109
Decreases due to tax positions released		(211)
Balance as of December 31, 2014		464
Increases related to current year tax positions		5
Decreases due to tax positions expired		(195)
Balance as of December 31, 2015	$	274

Schedule of tax effects of temporary differences of the deferred tax assets and liabilities

	As of December 31,
	2015		2014
	(in thousands)
Deferred tax assets:
Unearned lease revenue	$	1,511	$	1,368
State taxes		944		564
Reserves and allowances		898		938
Other accruals		1,767		582
Alternative minimum tax credit		377		377
Net operating loss carry forward		35,827		37,173
Charitable contributions		42		28
Total deferred tax assets		41,366		41,030
Less: valuation allowance		(1,280)		(1,310)
Net deferred tax assets		40,086		39,720
Deferred tax liabilities:
Depreciation and impairment on aircraft engines and equipment		(138,084)		(129,332)
Other deferred tax assets (liabilities)		981		(898)
Net deferred tax liabilities		(137,103)		(130,230)
Other comprehensive loss deferred tax asset		275		—
Net deferred tax liabilities	$	(96,742)	$	(90,510)