INCOME TAXES

12 Months Ended

Dec. 31, 2012

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

The components of income before income taxes are as follows (in thousands):

	Years Ended December 31,
	2012	2011	2010
Domestic	$ 84,349	$ 51,995	$ 32,132
Foreign	660	-	-
Total income before taxes	$ 85,009	$ 51,995	$ 32,132

The provision for income taxes consists of the following (in thousands):

	Years Ended December 31,
	2012	2011	2010
Current -
Federal	$ 27,393	$ 15,401	$ 7,952
State	4,438	2,731	1,446
Foreign	963	-	-
	32,794	18,132	9,398
Deferred -
Federal	1,835	2,081	2,914
State	146	345	439
Foreign	(751)	-	-
	1,230	2,426	3,353
	$ 34,024	$ 20,558	$12,751

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

	Years Ended December 31,
	2012	2011	2010
Income taxes computed at federal statutory rate	$ 29,753	$18,198	$ 11,246
State income taxes, net of federal benefit	2,917	1,999	1,225
Other, primarily non-tax deductible items	1,354	361	280
	$ 34,024	$20,558	$ 12,751

The net current and noncurrent components of deferred income tax balances are as follows (in thousands):

	December 31,
	2012	2011
Net current assets	$   5,182	$ 4,539
Net non-current assets	-	1,588
Net non-current liabilities	(16,448)	-
Net assets (liabilities)	$ (11,266)	$ 6,127

Deferred tax liabilities and assets were comprised of the following (in thousands):

	December 31,
	2012	2011
Deferred tax assets:
Goodwill	$      2,270	$    3,575
Allowance for doubtful accounts	2,408	2,077
Inventories	1,803	1,707
Accruals	842	889
Other	342	229
Total deferred tax assets	7,665	8,477
Less valuation allowance	-	-
Total deferred tax assets, net of valuation allowance	7,665	8,477
Deferred tax liabilities
Intangibles	(9,232)	(786)
Property and equipment	(8,430)	(1,421)
Unremitted foreign earnings	(577)	-
Cumulative translation adjustment	(298)	-
Other	(394)	(143)
Net deferred tax asset (liability)	$  (11,266)	$    6,127