Note 16 - Income Taxes

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Text Block]

NOTE 16 - INCOME TAXES:

The provision for income taxes consisted of the following (000's omitted):

	For the years ended December 31,
	2011		2010		2009
Current taxes:
Federal	$	(538)	$	2,029	$	665
State		502		422		396
Total current tax expense (benefit)	$	(36)	$	2,451	$	1,061
Deferred taxes:
Federal	$	3,001	$	550	$	1,868
State		(10)		127		402
Total deferred tax expense	$	2,991	$	677	$	2,270
Total tax provision	$	2,955	$	3,128	$	3,331

The consolidated financial statement income tax provision differed from income taxes determined by applying the statutory federal income tax rate to the consolidated financial statement income before income taxes for the years ended December 31, 2011, 2010 and 2009 primarily as a result of the following (000's omitted):

	For the years ended December 31,
	2011		2010		2009
Provision at U.S. federal statutory rate	$	2,569	$	2,670	$	2,661
State income taxes, net of federal tax effect		284		362		366
Non-deductible expenses		84		118		118
Change in liability for uncertain tax positions		18		(22)		186
Income tax expense	$	2,955	$	3,128	$	3,331

Significant components of the deferred tax assets (liabilities) at December 31, 2011 and 2010 were as follows (000's omitted):

	December 31,
	2011			2010
Deferred tax assets
Temporary book to tax differences	$	2,800		$	2,912
Total deferred tax assets		2,800			2,912
Deferred tax liabilities
Depreciation and amortization		(5,235	)		(2,375	)
Other		(338	)		(311	)
Total deferred tax liabilities		(5,573	)		(2,686	)
Net total deferred tax asset (liability)	$	(2,773)		$	226

At December 31, 2011 and 2010, $2.2 million and $2.5 million, respectively, of the Company’s net deferred tax asset (liability) were included on the Consolidated Balance Sheets in Deferred income taxes, and $5.0 million and $2.3 million, respectively, were included in Deferred income and other tax liabilities.

We assess the realizability of our deferred tax assets at each interim and annual balance sheet date based on actual and forecasted operating results in order to determine the proper amount, if any, required for a valuation allowance. As a result of this assessment, we believe that it is more likely than not, given the weight of available evidence, that all of our deferred tax assets will be realized.

We file income tax returns in the U.S. federal jurisdiction and various states. For federal income tax purposes, our 2009 through 2011 tax years remain open for examination by the tax authorities.  Federal income tax returns through 2008 have been examined by the Internal Revenue Service, and we are now under  examination for  2009.  For state tax purposes, our 2005 through 2011 tax years remain open for examination by the tax authorities mainly because we are currently under examination by the State of Florida.  We do not anticipate any material impact to our consolidated financial statements due to these examinations.

The change in liability for uncertain income tax positions for the years ended December 31, 2011 and 2010 follows:

	Unrecognized Tax Benefits (000s)
	2011		2010
Balance as of January 1,	$	170	$	454
Additions for current year tax positions		20		20
Additions for prior year tax positions		90		208
Reductions for prior year tax positions		—	(157)
Settlements		—	(374)
Reductions related to expirations of statute of limitations	(24)			—
Additional interest		26		19
Balance as of December 31,	$	282	$	170

In accordance with our accounting policy, interest expense and penalties related to income taxes are included in the income tax expense line of our consolidated statement of operations.  For the years ended December 31, 2011 and 2010, we recognized $26,000 and $19,000, respectively, for interest expense related to uncertain tax positions.  As of December 31, 2011 and 2010, we had recorded liabilities for interest expense related to uncertain tax positions in the amounts of $60,000 and $34,000, respectively.  We made no accrual for penalties related to uncertain income tax positions.