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Income Taxes Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Components of income tax expense (benefit)
The components of income tax expense (benefit) for the years ended December, 31 2016, 2015 and 2014 are as follows:
(in thousands)
 
2016
 
2015
 
2014
Current
 
 
 
 
 
 
Federal
 
$
16,713

 
$
(4,202
)
 
$
3,765

State
 
1,124

 
405

 
1,150

 
 
17,837

 
(3,797
)
 
4,915

Deferred
 
 
 
 
 
 
Federal
 
(3,049
)
 
(4,176
)
 
(69,281
)
State
 
(522
)
 
(1,716
)
 
(1,211
)
 
 
(3,571
)
 
(5,892
)
 
(70,492
)
 
 
$
14,266

 
$
(9,689
)
 
$
(65,577
)
Effective income tax rate reconciliation
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, 2016, 2015, and 2014 follows:
 
 
2016
 
2015
 
2014
Federal statutory rate
 
35.0
 %
 
35.0
 %
 
35.0
 %
State taxes, net of federal tax
 
2.7

 
1.7

 
4.1

Nondeductible capitalized transaction costs
 
1.4

 
(16.2
)
 
—

Nondeductible compensation expense
 
0.5

 
—

 
—

Nondeductible (permanent) items
 
1.0

 
(3.0
)
 
0.6

IRC Section 199 manufacturing deduction
 
(3.5
)
 
—

 
—

Changes in tax rates
 
1.6

 
(6.2
)
 
—

Changes related to IRC section 382 limitations
 
(3.9
)
 
55.5

 
—

Excess windfall benefit of stock compensation
 
(3.7
)
 
—

 
—

Other items
 
0.5

 
(0.1
)
 
(2.6
)
Valuation allowance
 
—

 
—

 
(267.6
)
Effective tax rate
 
31.6
 %
 
66.7
 %
 
(230.5
)%
Components of deferred tax assets and liabilities
Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31, 2016 and 2015:
(in thousands)
 
2016
 
2015
Deferred tax assets related to:
 
 
 
 
Accounts receivable
 
$
2,951

 
$
3,780

Inventory
 
2,857

 
4,725

Goodwill and intangibles
 
—

 
—

Accrued compensation
 
6,044

 
5,462

Insurance reserves
 
17,126

 
14,186

Stock-based compensation
 
3,210

 
2,759

Restructuring reserves
 
1,868

 
4,008

Other accrued liabilities
 
665

 
918

Federal net operating loss carryforward
 
30,664

 
32,361

State net operating loss carryforward
 
5,593

 
5,036

Other
 
2,398

 
283

 
 
73,376

 
73,518

Valuation allowance
 
(125
)
 
(126
)
    Total deferred tax assets
 
73,251

 
73,392

 
 
 
 
 
Deferred tax liabilities related to:
 
 
 
 
Goodwill and intangibles
 
(31,808
)
 
(32,452
)
Property and equipment
 
(38,836
)
 
(42,261
)
Other assets
 
(2,057
)
 
(1,700
)
    Total deferred tax liabilities
 
(72,701
)
 
(76,413
)
    Net deferred tax asset (liability)
 
$
550

 
$
(3,021
)
Changes in valuation allowance
The following table shows the changes in the amount of the Company’s valuation allowance:
(in thousands)
 
2016
 
2015
 
2014
Balance at January 1,
 
$
126

 
$
—

 
$
75,248

Additions charged to expense
 
—

 
—

 
—

     Additions charged to Goodwill/Purchase Accounting
 
—

 
126

 
—

Deductions - other
 
(1
)
 
—

 
(75,248
)
Balance at December 31,
 
$
125

 
$
126

 
$
—
Schedule of unrecognized tax benefits
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)
 
2016
 
2015
Balance at January 1,
 
$
3,224

 
$
—

Tax positions taken in prior periods:
 
 
 
 
   Gross increases
 
—

 
—

   Gross decreases
 
(3,224
)
 
—

Tax positions taken in current period:
 
 
 
 
   Gross increases
 
—

 
3,224

Settlements with taxing authorities
 
—

 
—

Lapse of applicable statute of limitations
 
—

 
—

Balance at December 31,
 
$
—

 
$
3,224