Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Income tax expense (benefit)

Income tax expense consists of:

	Years Ended December 31,
	2013		2012		2011
	(in thousands)
Current:
Federal	$	9,379	$	1,217	$	(3,556	)
State and local	3,134		3,551		803
Foreign	353		137		86
Total current	12,866		4,905		(2,667		)
Deferred
Federal	33,842		32,458		5,761
State and local	5,725		4,643		734
Foreign	7		16		38
Total deferred	39,574		37,117		6,533
Total income tax expense	$	52,440	$	42,022	$	3,866

Summary of Federal statutory income tax rate attributable to earnings (loss) from operations

The reconciliation of income taxes computed at the United States federal statutory tax rate to income tax expense is:

	Years Ended December 31,
	2013			2012			2011
	(in thousands)
Computed income tax expense	$	48,768		$	37,046		$	2,871
State and local tax expense	5,544			4,351			525
Expiration of stock options	—			—			756
Valuation allowance	—			—			(756		)
Excludable loss from foreign joint venture	—			366			354
Tax credits, federal and state	—			3			(228		)
Non-deductible items	(626		)	127			(43		)
Adjustments for uncertain tax positions	(166		)	(14		)	162
Other, net	(1,080		)	143			225
Total income tax expense	$	52,440		$	42,022		$	3,866

Summary of deferred tax assets and liabilities

The tax effects of temporary differences that have given rise to deferred tax assets and liabilities are presented below:

	December 31,
	2013			2012
	(in thousands)
Current deferred tax assets
Provisions not currently deductible	$	8,962		$	4,002
Tax credits and deferred revenues	74			—
Net operating loss —state	24			112
Total current deferred tax asset	9,060			4,114
Non-current deferred tax assets
Provisions not currently deductible	308			4,046
Stock based compensation	270			2,739
Net operating loss carryforwards—federal and state	189			211
Net capital loss carryforwards—federal and state	1,988			—
Pensions and post retirement	1,603			4,229
Total gross non-current deferred tax asset	4,358			11,225
Valuation allowance	—			(1		)
Total non-current deferred tax asset	4,358			11,224
Total deferred tax asset	$	13,418		$	15,338
Non-current deferred tax liabilities
Investment in joint ventures/partnerships	$	(2,294	)	$	(3,256	)
Property, plant and equipment	(101,276		)	(60,775		)
Unrealized gain on financial instruments	—			(653		)
Other	—			(6		)
Total deferred tax liability	$	(103,570	)	$	(64,690	)

Summary of net deferred tax asset (liability)

The net deferred tax asset (liability) is classified in the consolidated balance sheets as follows:

	December 31,
	2013			2012
	(in thousands)
Current deferred tax assets	$	9,060		$	4,114
Non-current deferred tax assets	4,358			11,224
Non-current deferred tax liability	(103,570		)	(64,690		)
Non-current deferred tax liability, net	(99,212		)	(53,466		)
Current deferred tax asset	9,060			4,114
Non-current deferred tax liability, net	(99,212		)	(53,466		)
Net deferred tax liability	$	(90,152	)	$	(49,352	)

Summary of changes in the balance of unrecognized tax benefits

The aggregate changes in the balance of unrecognized tax benefits were as follows:

	Years Ended December 31,
	2013			2012			2011
	(in thousands)
Beginning balance	$	1,744		$	1,813		$	1,607
Increases in tax positions for prior years	53			34			154
Increases in tax positions for current year	103			611			52
Settlements	(716		)	(704		)	—
Expirations of statutes	(42		)	(10		)	—
Ending balance	$	1,142		$	1,744		$	1,813