Income Taxes

All of our income is generated in the U.S. The components of income tax provision (benefit) were as follows (in thousands):



	Year Ended December 31,
	2017			2016			2015
Current federal	$	(413	)	$	(378	)	$	491
Current state	331			32			133
	(82		)	(346		)	624

Deferred federal	(5,368		)	285			728
Deferred state	(32		)	75			148
	(5,400		)	360			876
	$	(5,482	)	$	14		$	1,500

Income tax provision (benefit) differs from the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes as follows (in thousands):



	Year Ended December 31,
	2017			2016			2015
Provision at U.S. statutory rate	$	1,374		$	(104	)	$	1,264
State taxes, net of federal benefit	189			49			182
Effect of tax rate change on deferred tax assets and liabilities	(6,923		)	—			—
Permanent differences, primarily meals and entertainment	180			264			250
Stock-based compensation	(11		)	(41		)	—
Domestic production activities deduction	—			(20		)	(63		)
Tax credits	(291		)	(134		)	(133		)
	$	(5,482	)	$	14		$	1,500

Significant components of our deferred tax assets and liabilities were as follows (in thousands):



	December 31,
	2017			2016
Deferred tax assets
Net operating losses and tax credit carryforwards	$	982		$	496
Accrued salaries and severance	1,127			1,207
Other	1,497			1,615
	3,606			3,318
Deferred tax liabilities
Property, equipment and leasehold improvements	(12,287		)	(15,194		)
Intangible assets	(4,054		)	(6,112		)
Other	(151		)	(193		)
	(16,492		)	(21,499		)
	$	(12,886	)	$	(18,181	)

As of December 31, 2017, included in our net operating losses and tax credit carryforwards were the following (in thousands):



State NOLs, tax effected	$	26
Federal NOLs, tax effected	208
Federal employer FICA tips credit	748

We also have an AMT credit carryforward of $340,000, which is refundable over the next five years pursuant to recently enacted tax legislation. As such, the carryforward is recognized as a tax receivable on our Consolidated Balance Sheets as of December 31, 2017.

In assessing the realizability of our deferred tax assets, we consider future taxable income expected to be generated by the projected differences between financial statement depreciation and tax depreciation, cumulative earnings generated to date and other evidence available to us. Based upon this consideration, we assessed that all of our deferred taxes are more likely than not to be realized, and, as such, we have not recorded a valuation allowance as of December 31, 2017 or 2016.

There were no unrecognized tax benefits as of December 31, 2017 or 2016 and we do not anticipate significant changes to our unrecognized tax benefits within the next twelve months.