INCOME TAXES

12 Months Ended

Dec. 31, 2011

INCOME TAXES [Abstract]

INCOME TAXES

8.  INCOME TAXES:

The provision for income taxes consists of the following:

	Years Ended December 31,
	2009	2010	2011
	(in Thousands)
Current -
Federal	$    3,849	$  7,952	$15,401
State	759	1,885	3,076
	4,608	9,837	18,477
Deferred	(16,678)	2,914	2,081
	$(12,070)	$12,751	$20,558

The difference between income taxes computed at the federal statutory income tax rate (35%) and the provision for income taxes is as follows:

	Years Ended December 31,
	2009	2010	2011
	(in Thousands)
Income taxes computed at federal statutory rate	$(19,069)	$ 11,246	$18,198
State income taxes, net of federal benefit	492	1,225	1,999
Nondeductible impairment expense	6,852	-	-
Other	(345)	280	361
	$(12,070)	$ 12,751	$20,558

The net current and noncurrent components of deferred income tax balances are as follows:

	December 31,
	2010	2011
	(in Thousands)
Net current assets	$  5,919	$  4,539
Net non-current assets	2,289	1,588
Net non-current liabilities	-	-
Net assets (liabilities)	$   8,208	$  6,127

Deferred tax liabilities and assets were comprised of the following:

	December 31,
	2010	2011
	(in Thousands)
Deferred tax assets:
Goodwill	$  4,871	$3,575
Allowance for doubtful accounts	1,230	2,077
Inventories	3,615	1,707
Accruals	740	889
Other	180	229
Total deferred tax assets	10,636	8,477
Less valuation allowance	-	-
Total deferred tax assets, net of valuation allowance	10,636	8,477
Deferred tax liabilities
Intangibles	(907)	(786)
Property and equipment	(1,421)	(1,421)
Other	(100)	(143)
Net deferred tax asset (liability)	$ 8,208	$6,127