Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of Provision for Income Tax Expense (Benefit)

The provision for income tax expense (benefit) consisted of the following:

	(In thousands) Years Ended December 31,
	2014			2013			2012
				As Restated			As Restated
Current tax expense (benefit)
Federal	$	5,258		$	(3,806	)	$	2,023
State	244			432			(295		)
	5,502			(3,374		)	1,728
Deferred tax expense (benefit)
Federal	1,186			1,173			5,516
State	(315		)	208			(743		)
	871			1,381			4,773
Income tax expense (benefit)	$	6,373		$	(1,993	)	$	6,501

Summary of Deferred Tax Assets (Liabilities)

Deferred tax (liabilities) assets were comprised of the following:

	(In thousands) December 31,
	2014			2013
				As Restated
Deferred tax assets:
Accrued expenses	$	1,669		$	428
Allowance for doubtful accounts	94			183
Contract overrun reserves	1,766			3,920
Deferred compensation	464			141
Employment-related accruals	5,375			2,982
Environmental reserves	778			778
Federal tax credit carryforwards	2,696			3,758
Inventory reserves	3,873			4,639
Investment in common stock	300			300
Pension obligation	3,959			2,297
State net operating loss carryforwards	1,065			995
State tax credit carryforwards	5,382			3,887
Stock-based compensation	2,082			1,444
Workers’ compensation	121			121
Other	1,072			1,355
Total gross deferred tax assets	30,696			27,228
Valuation allowance	(6,882		)	(4,650		)
Total gross deferred tax assets, net of valuation allowance	23,814			22,578
Deferred tax liabilities:
Depreciation	(12,485		)	(12,396		)
Goodwill	(12,105		)	(9,200		)
Intangibles	(51,755		)	(54,227		)
Prepaid insurance	(685		)	(666		)
Section 48(a) adjustment	(1,334		)	—
Unbilled receivables	(1,115		)	(1,409		)
Total gross deferred tax liabilities	(79,479		)	(77,898		)
Net deferred tax liabilities	$	(55,665	)	$	(55,320	)

Principle Reasons for Variation Between Expected and Effective Tax Rate

The principal reasons for the variation between the expected and effective tax rates were as follows:

	Years Ended December 31,
	2014	2013	2012
		As Restated	As Restated
Statutory federal income tax rate	35.0%	35.0%	35.0%
State income taxes (net of federal benefit)	0.8	2.0	3.8
Benefit of qualified domestic production activities	(2.3)	(8.9)	(3.1)
(Benefit) expense of research and development tax credits	(7.3)	(48.9)	0.6
Increase in valuation allowance	—	0.9	0.2
Non deductible book expenses	0.9	1.8	0.4
Changes in deferred tax assets	—	(1.5)	0.3
Remeasurement of deferred taxes for changes in state tax law	(2.1)	—	(5.6)
Changes in tax reserves	(0.7)	(0.5)	(5.3)
Other	—	(1.1)	0.6
Effective income tax rate (benefit)	24.3%	(21.2)%	26.9%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:

	(In thousands) Years Ended December 31,
	2014			2013			2012
				As Restated			As Restated
Balance at January 1,	$	2,297		$	1,356		$	2,194
Additions based on tax positions related to the current year	668			668			214
Additions for tax positions for prior years	31			538			68
Reductions for tax positions for prior years	(22		)	—			(300		)
Reduction to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations	(171		)	(265		)	(820		)
Balance at December 31,	$	2,803		$	2,297		$	1,356