Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Schedule of components of income tax provision

The components of the income tax provision are as follows (dollars in thousands):

	For the Year Ended
	December 31,
	2016		2015		2014
Current
Federal	$	—	$	—	$	—
State and local		(741)		(601)		(941)
		(741)		(601)		(941)
Deferred
Federal		1,160		1,726		6,081
State and local		172		232		770
		1,332		1,958		6,851
Total income tax provision	$	591	$	1,357	$	5,910

Schedule of reconciliation of income tax provision

The income tax provision differs from the amounts determined by applying the statutory federal income tax rate of 34% to the income before income tax provision for the following reasons (dollars in thousands):

	For the Year Ended
	December 31,
	2016		2015		2014
Income tax at federal rate	$	577	$	835	$	4,763
Increase (decrease) resulting from:
State income taxes, net of federal income tax		101		104		592
Permanent difference for compensation limitation		—		637		595
Expense not deductible for tax		292		98		415
Tax credit included in taxable income		283		252		327
Other permanent differences		20		110		47
Capital goods excise tax credit		(741)		(601)		(942)
Other, net		74		54		51
Change in valuation allowance		(15)		(132)		62
Total income tax provision	$	591	$	1,357	$	5,910

Schedule of deferred income taxes

Deferred income taxes consisted of the following (dollars in thousands):

	December 31,
	2016		2015
Deferred tax liabilities:
Property and equipment	$	46,965	$	46,636
Other basis differences		533		542
		47,498		47,178
Deferred tax assets:
Net operating loss and credit carryforwards		66,580		55,043
Intangible assets		30,913		41,678
Expenses deferred for tax		5,347		5,638
Employee benefits		33,434		31,423
Other basis differences		3,730		3,642
		140,004		137,424
Valuation allowance		(335)		(350)
		139,669		137,074
Deferred tax asset, net	$	92,171	$	89,896

Summary of activity for the valuation allowance

The following is a summary of activity for the valuation allowance (dollars in thousands):

			Charge (Credit)
			to Income Tax
	Beginning		Expense or		Ending
	Balance		Equity		Balance
January 1 to December 31, 2016	$	350	$	(15)	$	335
January 1 to December 31, 2015		482		(132)		350
January 1 to December 31, 2014		420		62		482