Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Components of Income Tax Expense (Benefit) Attributable to Current Operations

The significant components of our income tax expense (benefit) attributable to current operations for the periods stated were as follows:



	For the Year Ended December 31,
(Dollars in thousands)	2017			2016		2015
Income before income tax (expense) benefit	$	11,559		$	22,971	$	26,298
Current:
Federal tax	$	199		$	669	$	432
State tax	1,006			1,294		622
Foreign tax	270			103		16
Total current	1,475			2,066		1,070
Deferred:
Federal tax	26,348			6,811		(55,716		)
State tax	(787		)	41		1,020
Foreign tax	(171		)	74		(322		)
Total deferred	25,390			6,926		(55,018		)
Total income tax expense (benefit)	$	26,865		$	8,992	$	(53,948	)

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the principal elements of the difference between the United States Federal statutory rate of 35% and our effective tax rate:



Effective tax rate reconciliation	2017					2016						2015
(Dollars in thousands)
Income before income tax (expense) benefit	$	11,559				$	22,971					$	26,298
Income taxes computed at the Federal statutory rate	$	4,046		35.0	%	$	8,040	35.0	%			$	9,204		35.0	%
State income taxes, net of Federal benefit	472			4.1	%	867		3.8	%			1,021			3.9	%
Impact of 2017 Tax Act	24,235			209.7	%	—		—	%			—			—	%
Research and development and other tax credits	(1,775		)	(15.4	)%	—		—	%			—			—	%
Change in valuation allowance	—			—	%	—		—	%			(64,159		)	(244.0	)%
Other	(113		)	(1.0	)%	85		0.4	%			(14		)	(0.1	)%
Income tax expense (benefit)	$	26,865		232.4	%	$	8,992	39.1	%	1,787.3	%	$	(53,948	)	(205.1	)%

Schedule of Deferred Income Tax Assets

The components of deferred income tax assets at December 31, 2017 and 2016 were as follows:



	December 31,
(Dollars in thousands)	2017			2016
Net operating losses and tax credits	$	26,296		$	45,947
Property and equipment	8,289			12,995
AMT minimum tax receivable	2,489			2,199
Accruals and accrued loss contingencies	4,833			6,723
Intangible assets	6,033			5,886
Gross deferred income tax assets	47,940			73,750
Deferred income tax liabilities:
Prepaid and other expenses	(261		)	(682		)
Gross deferred income tax liabilities	(261		)	(682		)
Net deferred income tax assets	$	47,679		$	73,068