Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of composition of income tax expense

For the years ended December 31, 2013, 2012 and 2011, income tax expense is composed of the following (amounts in thousands):

	2013		2012		2011

Current income tax expense	$	2,101	$	4,566	$	1,175
Deferred income tax expense		1,029		1,719		2,809


	$	3,130	$	6,285	$	3,984

Schedule of Company's income tax expense and effective tax rates



Pre-tax book income—US Only	34.00	%	34.00	%	34.00	%
Pre-tax book income—PR Only	-3.85	%	24.72	%	—
Permanent items	-164.63	%	0.34	%	0.13	%
Return to provision true-ups	27.92	%	-0.11	%	—
Foreign rate differential	-7.43	%	-3.87	%	—
Branch tax benefit and foreign tax credits	90.23	%	-16.93	%	—
Current/deferred—rate difference	0.85	%	0.43	%	—
Change in valuation allowance	-212.63	%	—		—
Deferred foreign tax credit offset	-20.39	%	-1.55	%	—
State rate change	146.93	%	—		—
Federal rate change	-152.83	%	-0.86	%	—


	-261.83	%	36.17	%	34.13	%

Schedule of components of net deferred tax assets

Net deferred tax assets consist of the following components as of December 31, 2013 and 2012 (amounts in thousands):

	2013			2012

Deferred tax assets:
Allowances for doubtful accounts	$	884		$	103
Interest rate swap agreement		—			87
Deferred branch tax benefit		17,159			13,551
Deferred income		48			58
Accrued expenses		3,052			2,886
Foreign tax credit		3,059			1,322
Stock compensation		1,962			—
Intangibles		2,281			1,495


		28,445			19,502
Less: valuation allowance		(2,514	)		—


		25,931			19,502


Deferred tax liabilties:
Prepaid expenses		(166	)		(85	)
Intangibles		(30,600	)		(12,116	)
Property and equipment		(4,215	)		(3,389	)
Amortization expense		(1,043	)		—
Other liabilities		(82	)		—


Total deferred tax liabilities		(36,106	)		(15,590	)


	$	(10,175	)	$	3,912

Schedule of classification of deferred tax amounts

The deferred tax amounts mentioned above have been classified on the accompanying consolidated balance sheets at December 31, 2013 and 2012 as follows (amounts in thousands)

	2013		2012

Current assets	$	—	$	3,049
Noncurrent assets		—		863


	$	—	$	3,912




Current liabilities	$	8,135	$	—
Noncurrent liabilities		2,040		—


	$	10,175	$	—