Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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

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



	For the Year Ended December 31,
(Dollars in thousands)	2018			2017			2016
(Loss) income before income tax (benefit) expense	$	(2,185	)	$	11,559		$	22,971
Current:
Federal tax	$	—		$	199		$	669
State tax	838			1,006			1,294
Foreign tax	148			270			103
Total current	986			1,475			2,066
Deferred:
Federal tax	(1,467		)	26,348			6,811
State tax	(532		)	(787		)	41
Foreign tax	307			(171		)	74
Total deferred	(1,692		)	25,390			6,926
Total income tax (benefit) expense	$	(706	)	$	26,865		$	8,992

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 21% and our effective tax rate:



Effective tax rate reconciliation	2018					2017							2016
(Dollars in thousands)
(Loss) income before income tax (benefit) expense	$	(2,185	)			$	11,559						$	22,971
Income taxes computed at the Federal statutory rate	$	(459	)	21.0	%	$	4,046		35.0	%			$	8,040	35.0	%
State income taxes, net of Federal benefit	306			(14.0	)%	472			4.1	%			867		3.8	%
Impact of 2017 Tax Act	—			—	%	24,235			209.7	%			—		—	%
Research and development and other tax credits	(1,144		)	52.4	%	(1,775		)	(15.4	)%			—		—	%
Excess executive compensation	281			(12.9	)%	—			—	%			—		—	%
Other	310			(14.2	)%	(113		)	(1.0	)%			85		0.4	%
Income tax (benefit) expense	$	(706	)	32.3	%	$	26,865		232.4	%	1,787.3	%	$	8,992	39.1	%

Schedule of Deferred Income Tax Assets

The components of deferred income tax assets at December 31, 2018 and 2017 were as follows:



	December 31,
(Dollars in thousands)	2018			2017
Net operating losses and tax credits	$	22,003		$	26,296
Property and equipment	5,969			8,289
AMT minimum tax receivable	1,348			2,489
Accruals and accrued loss contingencies	5,776			4,833
Capitalized research and development costs	14,220			9,108
Gross deferred income tax assets	49,316			51,015
Deferred income tax liabilities:
Intangible assets	(2,711		)	(3,075		)
Prepaid and other expenses	(121		)	(261		)
Gross deferred income tax liabilities	(2,832		)	(3,336		)
Net deferred income tax assets	$	46,484		$	47,679