Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of components of income tax expense

The income tax provision (benefit) for operations for the years ended December 31, 2013, 2012 and 2011 include the following components:

(Dollars in thousands)	2013		2012			2011
Current income taxes (benefits):
Federal	$	2,643	$	3,813		$	346
State		940		1,383			98
Deferred income taxes (benefits):
Federal		1,413		390			3,132
State		290		(203	)		1,466
Total income tax provision	$	5,286	$	5,383		$	5,042

Schedule of deferred tax assets and deferred tax liabilities

Deferred tax liabilities and assets are comprised of the following at December 31:

(Dollars in thousands)	2013			2012
Tax liabilities:
Depreciation and fixed assets	$	33,595		$	31,307
Intangible assets		9,104			9,092
Other		44			15
Gross deferred tax liability	$	42,743		$	40,414

Tax assets:
Deferred compensation and post-retirement benefits	$	5,451		$	5,480
Receivables and inventories		315			242
Accrued liabilities		1,778			1,146
Derivatives		568			968
State net operating losses		1,753			1,754
Other		20			20
Gross deferred tax asset		9,885			9,610
Valuation allowance		(1,585	)		(1,574	)
Net deferred tax liability		34,443			32,378
Current deferred tax asset		2,660			1,887
Net non-current deferred tax liability	$	37,103		$	34,265

Schedule of effective income tax rate reconciliation

The reconciliation of the U.S. income tax rate to the effective income tax rate for continuing operations is as follows:

	For Year Ended December 31
	2013	2012	2011
Statutory tax rate	35.0%	35.0%	35.0%
Effect of:
State income taxes net of federal tax benefit	6.2	6.4	6.1
Release of income tax reserve and prior
Year adjustments	0.0	(0.8)	(2.6)
Medicare part D subsidy	0.0	(0.1)	0.0
Uncertain tax positions	0.2	0.1	0.1
Other, net	(0.8)	(1.3)	(1.1)
Effective tax rate	40.6%	39.3%	37.5%

Schedule of unrecognized tax benefits

The following rollforward of unrecognized tax benefits excludes interest accrued on unrecognized tax benefits and is presented gross of any expected federal tax benefits related to unrecognized state tax benefits.

(Dollars in thousands)	2013			2012
Unrecognized tax benefits opening balance (excluding interest)	$	314		$	281
Increases:
Tax positions taken in current period		22			18
Tax position taken in prior periods		-			32
Decreases:
Settlements		(1	)		(3	)
Lapse of statute limitations		(12	)		(14	)
Ending balance (excluding interest)	$	323		$	314