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INCOME TAXES (Tables)
12 Months Ended
Jan. 02, 2016
INCOME TAXES  
Summary of provision (benefit) for income taxes for continuing operations

The provision (benefit) from income taxes for continuing operations is summarized as follows (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

 

Federal: Current

 

$

(71)

 

$

(469)

 

Deferred

 

 

737

 

 

(2,513)

 

State:     Current

 

 

2

 

 

5

 

Deferred

 

 

113

 

 

(507)

 

 

 

$

781

 

$

(3,484)

 

 

Schedule of difference between the tax rate for continuing operations on income or loss for financial statement purposes and the federal statutory tax rate

 

 

 

 

 

 

 

 

    

2015

    

2014

 

Statutory tax rate

 

34.0

%

(34.0)

%  

Percentage depletion

 

(4.0)

 

(1.0)

 

Non-deductible expenses

 

2.0

 

0.4

 

Valuation allowance for tax assets

 

(4.9)

 

(0.4)

 

State income taxes, net of federal benefit

 

5.7

 

(4.1)

 

Expiring charitable contributions

 

2.6

 

 —

 

Other

 

0.2

 

0.1

 

 

 

35.6

%

(39.0)

%  

 

Schedule of principal temporary differences and the related deferred taxes

The principal temporary differences and their related deferred taxes are as follows (amounts in thousands):

 

 

 

 

 

 

 

 

 

 

    

2015

    

2014

 

Reserves for self-insured losses

 

$

605

 

$

655

 

Accrued reclamation

 

 

2,154

 

 

2,055

 

Unfunded supplemental profit sharing plan liability

 

 

379

 

 

444

 

Asset valuation reserves

 

 

317

 

 

432

 

Future state tax credits

 

 

789

 

 

789

 

Net state operating loss carryforwards

 

 

252

 

 

369

 

Federal AMT carryforward

 

 

481

 

 

268

 

Federal NOL carryforward

 

 

16

 

 

925

 

Other

 

 

100

 

 

197

 

Valuation allowance

 

 

(73)

 

 

(180)

 

Total deferred tax assets

 

 

5,020

 

 

5,954

 

 

 

 

 

 

 

 

 

Depreciation

 

 

841

 

 

1,146

 

Deferred development

 

 

563

 

 

245

 

Other

 

 

467

 

 

643

 

Total deferred tax liabilities

 

 

1,871

 

 

2,034

 

Net deferred tax asset

 

$

3,149

 

$

3,920