Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Summary of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the deferred tax assets and liabilities are as follows:

	December 31,
	2014				2013
	Current		Long-term		Current		Long-term
Deferred tax assets:
Allowance for doubtful accounts	$	141,701	$	-	$	724,534	$	-
Contributions in aid of construction		-		2,480,637		-		1,652,760
Other nondeductible accruals		46,102		-		47,484		-
Recoverable purchase gas costs		217,349		-		60,903		-
Net operating loss carryforwards		-		13,255,842		-		7,733,763
Property tax		157,683		-		154,146		-
Other		451,213		-		754,235		-
Total deferrred tax assets		1,014,048		15,736,479		1,741,302		9,386,523
Deferred tax liabilities:
Recoverable purchase gas costs		378,853		-		454,795		-
Property, plant and equipment		-		17,375,812		-		11,402,464
Unrealized gain on securities available for sale		-		549,046		61,475		-
Amortization of intangibles		-		738,608		-		539,498
Other		-		1,114,692		-		800,698
Total deferrred tax liabilities		378,853		19,778,158		516,270		12,742,660
Net deferred tax asset (liability) before valuation allowance		635,195		(4,041,679)		1,225,032		(3,356,137)
Less: valuation allowance		-		(6,496,715)		-		(5,699,029)
Total deferred tax asset (liability)		635,195		(10,538,394)		1,225,032		(9,055,166)
Discontinued operations		-		-		-		-
Net deferred tax asset (liability), continuing operations	$	635,195	$	(10,538,394)	$	1,225,032	$	(9,055,166)

Summary of Income Tax Expense from Continuing Operations

Income tax expense from continuing operations consists of the following:

	Year Ended December 31,
	2014		2013		2012
Current income tax expense (benefit):
Federal	$	49,270	$	(344,342)	$	(150,224)
State		10,961		120,753		245,483
Total current income tax expense (benefit)		60,231		(223,589)		95,259
Deferred income tax expense:
Federal		1,987,409		3,692,413		2,030,525
State		138,414		(200,217)		252,403
Total deferred income tax expense		2,125,823		3,492,196		2,282,928
Total income taxes before credits		2,186,054		3,268,607		2,378,187
Investment tax credit, net		(21,062)		(21,062)		(21,062)
Total income tax expense		2,164,992		3,247,545		2,357,125
Income tax expense from discontinued operations		(617,410)		(223,834)		(400,326)
Income tax expense from continuing operations	$	1,547,582	$	3,023,711	$	1,956,799

Federal Statutory Rate to Pre-Tax Income from Continuing Operations

Income tax position differs from the amount computed by applying the Federal statutory rate to pre-tax income from continuing operations as demonstrated in the table below:

	Year Ended December 31,
	2014		2013		2012
Tax expense at statutory rate of 34%	$	2,015,101	$	3,372,404	$	2,065,991
State income tax, net of federal tax expense		307,099		348,151		228,051
Amortization of deferred investment tax credits		(21,062)		(21,062)		(21,062)
Change in valuation allowance		(397,619)		(237,557)		(262,343)
Permanent differences		24,580		134,583		140,211
State rate change		149,015		(346,149)		-
Other		87,878		(2,825)		206,277
Total income tax expense		2,164,992		3,247,545		2,357,125
Income tax expense from discontinued operations		(617,410)		(223,834)		(400,326)
Income tax expense from continuing operations	$	1,547,582	$	3,023,711	$	1,956,799