INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

Components of Income Tax Expense

Components of Income Tax Expense
In thousands	For the Year Ended December 31,
State income taxes	2013			2012		2011
Current		$	526	$	145	$	106
Deferred			706		1,312		994
Total state income tax expense		$	1,232	$	1,457	$	1,100
	For the Year Ended December 31,
Federal income taxes			2013		2012		2011
Current		$	1,199	$	1,795	$	-
Deferred			3,157		3,364		3,554
Total federal income tax expense		$	4,356	$	5,159	$	3,554

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:
	For the Year Ended December 31,
In thousands	2013			2013		2012			2012		2011			2011
	Amount			Percent		Amount			Percent		Amount			Percent
Reconciliation of effective tax Rate
Income before federal and state income taxes		$	13,890		100.0		$	16,460		100.0		$	11,401		100.0
Amount computed at statutory rate			4,722		34.0			5,596		34.0			3,876		34.0
Reconciling items
State income tax-net of federal tax benefit			804		5.8			952		5.8			711		6.2
Other			62		0.4			68		0.4			67		0.6
Total income tax expense and effective rate		$	5,588		40.2		$	6,616		40.2		$	4,654		40.8

Deferred Income Taxes

Deferred income taxes at December 31, 2013, 2012, and 2011 were comprised of the following:

	For the Year Ended December 31,
In thousands	2013			2012			2011
Deferred tax assets related to:
Federal alternative minimum tax credit carry-forwards	$	4,643		$	5,031		$	3,688
Federal and state operating loss carry-forwards		544			481			3,077
Bad debt allowance		88			96			127
Valuation allowance		(61	)		(57	)		(53	)
Stock options		343			294			251,000
Other		264			326			344
Total deferred tax assets	$	5,821		$	6,171		$	7,434
Deferred tax liabilities related to:
Property plant and equipment basis differences	$	(55,066	)	$	(51,687	)	$	(48,681	)
Expenses of rate proceedings		(86	)		(53	)		(144	)
Property taxes		(592	)		(496	)		(494	)
Other		(657	)		(651	)		(619	)
Total deferred tax liabilities	$	(56,401	)	$	(52,887	)	$	(49,938	)
Net deferred tax liability	$	(50,580	)	$	(46,716	)	$	(42,504	)
Deferred taxes, which are classified into a net current and non-current balance, are presented in the balance sheet as follows:
Current deferred tax liability	$	(838	)	$	(837	)	$	(772	)
Non-current deferred tax liability		(49,742	)		(45,879	)		(41,732	)
Net deferred tax liability	$	(50,580	)	$	(46,716	)	$	(42,504	)

Schedule of Valuation Allowance

Schedule of Valuation Allowance
	Balance at Beginning of Period			Additions Charged to Costs and Expenses			Deductions		Balance at End of Period
In thousands
Classification
For the Year Ended December 31, 2013 Valuation allowance for deferred tax assets		$	57		$	4		—		$	61
For the Year Ended December 31, 2012 Valuation allowance for deferred tax assets		$	53		$	4		—		$	57
For the Year Ended December 31, 2011 Valuation allowance for deferred tax assets		$	45		$	8		—		$	53