Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

The Company follows the provisions of the Financial Accounting Standards Codification 740 (“ASC 740”), “Income Taxes.” A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:



	2014			2013			2012
Beginning of year	$	7,351,000		$	4,168,000		$	2,476,000
Additions based on tax positions related to the current year	1,328,000			1,595,000			785,000
Additions for tax positions in prior years	634,000			1,633,000			907,000
Reductions for tax positions in prior years	(676,000		)	(45,000		)	—
Reductions as a result of a lapse of the applicable statute of limitations	(349,000		)	—			—
End of year	$	8,288,000		$	7,351,000		$	4,168,000

Schedule of Components of Provision For Income Taxes

The components of the provision for income taxes are as follows:



	2014		2013		2012
Currently payable:
Federal	$	108,689,911	$	95,285,094	$	76,507,760
State	2,236,000		3,259,000		2,450,000
Foreign	978,000		1,353,000		1,238,000
Total	111,903,911		99,897,094		80,195,760
Net deferred:
Primarily federal	14,818,000		5,237,000		843,000
Provision for income taxes	$	126,721,911	$	105,134,094	$	81,038,760

Schedule of Effective Income Tax Rates Different From Statutory Federal Income Tax Rates

The effective income tax rates are different from the statutory federal income tax rates for the following reasons:



	2014		2013		2012
Statutory federal income tax rate	35.00	%	35.0	%	35.0	%
State income taxes, net of federal income tax benefit	0.30		0.6		0.6
Domestic production exclusion	(2.60	)	(3.1	)	(2.9	)
Research tax credit ⁽¹⁾	(2.00	)	(0.4	)	—
Other	(0.20	)	(0.1	)	(0.2	)
Effective income tax rate	30.50	%	32.0	%	32.5	%

¹⁾ - Research tax credits applied in 2014 related to prior tax year amended tax filings

Schedule of Deferred Income Tax Assets And Liabilities

The tax effect of temporary differences which give rise to deferred income tax assets and liabilities at December 31, 2014 and 2013, are as follows:



	2014						2013
	Current			Non-Current			Current			Non-Current
Assets:
Accruals not currently deductible	$	2,605,711		$	224,803		$	2,970,671		$	182,803
Stock based compensation	13,508,845			2,508,304			13,290,429			2,202,940
Impairment loss on available-for-sale securities	—			135,724			—			175,091
Intangible Assets	—			—			—			169,913
Other	4,440,407			19,765			4,713,241			40,203
Total deferred income tax assets	20,554,963			2,888,596			20,974,341			2,770,950
Liabilities:
Excess tax over book depreciation	—			(46,017,949		)	—			(41,374,851		)
Goodwill	—			(8,868,168		)	—			(1,792,968		)
Unrealized gain on investments	—			(6,368,670		)	—			(10,482,468		)
Intangible assets	—			(1,205,230		)	—			—
Other	(1,117,956		)				(558,249		)
Net deferred income taxes	$	19,437,007		$	(59,571,421	)	$	20,416,092		$	(50,879,337	)