Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of Income Tax Expense (Benefit) [Table Text Block]

The components of income tax expense (benefit) for the years ended December, 31 2014, 2013 and 2012 are as follows:



(in thousands)	2014			2013			2012
Current
Federal	$	3,363		$	3,961		$	(4,596	)
State	543			413			197
	3,906			4,374			(4,399		)
Deferred
Federal	2,643			(1,859		)	(2,759		)
State	(8		)	602			(874		)
	2,635			(1,257		)	(3,633		)
	$	6,541		$	3,117		$	(8,032	)

Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of differences between the statutory U.S. federal income tax rate of 35% and the Company’s effective tax rate from continuing operations for the years ended December 31, 2014, 2013, and 2012 follows:



	2014		2013		2012
Federal statutory rate	35.0	%	35.0	%	35.0	%
State taxes, net of federal tax	3.0		(0.4	)	1.7
Gores Termination Fee	(17.9	)	(157.6	)	—
Nondeductible capitalized transaction costs	1.1		(3.8	)	—
Nondeductible compensation expense	—		(8.1	)	—
Nondeductible (permanent) items- other	0.2		(1.3	)	(1.0	)
IRC Section 199 manufacturing deduction	(1.1	)	17.0		—
Changes in tax rates	(0.4	)	(11.2	)	0.5
Uncertain tax positions	17.9		—		1.5
Other items	1.4		(3.7	)	0.3
Valuation allowance	(0.6	)	1.2		(2.3	)
Effective tax rate	38.6	%	(132.9	)%	35.7	%

Components of Deferred Tax Assets and Liabilities [Table Text Block]

Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31, 2014 and 2013:



(in thousands)	2014			2013
Deferred tax assets related to
Accounts receivable	$	1,125		$	1,385
Inventory	1,461			1,322
Accrued expenses	3,739			3,375
Other reserves and liabilities	5,288			5,464
Net operating loss and credit carryforwards	1,983			2,160
	13,596			13,706
Valuation allowance	(1,817		)	(1,919		)
Total deferred tax assets	11,779			11,787

Deferred tax liabilities related to
Real estate held for sale	(203		)	(903		)
Intangible assets	(4,264		)	(4,523		)
Property and equipment	(20,849		)	(17,474		)
Other assets	(1,262		)	(1,051		)
Total deferred tax liabilities	(26,578		)	(23,951		)
Net deferred tax liability	$	(14,799	)	$	(12,164	)

Valuation Allowance Roll Forward [Table Text Block]

The following table shows the changes in the amount of the Company’s valuation allowance:



(in thousands)	2014			2013			2012
Balance at January 1,	$	1,919		$	1,946		$	1,418
Additions charged to expense	—			—			528
Deductions - other	(102		)	(27		)	—
Balance at December 31,	$	1,817		$	1,919		$	1,946

Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (exclusive of the effect of interest and penalties) is as follows:



(in thousands)	2014		2013		2012
Balance at January 1,	$	—	$	—	$	266
Tax positions taken in prior periods:
Gross increases	—		—		—
Gross decreases	—		—		—
Tax positions taken in current period:
Gross increases	3,283		—		—
Settlements with taxing authorities	—		—		—
Lapse of applicable statute of limitations	—		—		(266		)
Balance at December 31,	$	3,283	$	—	$	—