TAXES (Tables)

12 Months Ended

Dec. 31, 2017

TAXES

Schedule of income tax provision (benefit)

(in thousands):

	Years ended December 31,
	2017		2016		2015
Federal	$	9,933	$	12,834	$	11,968
State		417		477		359
Current tax provision		10,350		13,311		12,327
Federal		3,738		99		(1,117)
State		73		(52)		7
Deferred tax provision (benefit)		3,811		47		(1,110)
Total tax provision	$	14,161	$	13,358	$	11,217

Schedule of income tax provision differences to federal statutory rate

	Years ended December 31,
	2017		2016		2015
Federal tax at the statutory rate	35.00	%	35.00	%	35.00	%
State tax (net of federal benefit)	1.00	%	0.70	%	0.72	%
Permanent items	0.34	%	0.27	%	0.34	%
Tax credits	(0.82)	%	(0.96)	%	(0.73)	%
Excess tax benefits on stock-based compensation	(3.42)	%	—	%	—	%
Tax Cuts and Jobs Act of 2017	3.57	%	—	%	—	%
Other	—	%	0.23	%	(0.14)	%
	35.67	%	35.24	%	35.19	%

Schedule of components of the deferred income tax assets and liabilities

(in thousands): 

	2017		2016
DEFERRED TAX ASSETS
Stock-based compensation	$	1,434	$	2,198
Compensation and benefits		555		1,113
Bad debt reserves		58		136
Accrued expenses		512		1,991
Fixed assets and depreciation		896		2,305
Base stock		11		6
State taxes		(31)		144
NOLs & credit carry-forwards		2,219		3,295
Deferred income tax asset	$	5,654	$	11,188
DEFERRED TAX LIABILITIES
Intangibles and amortization	$	(855)	$	(1,811)
Prepaid expenses		(890)		(1,365)
Real estate taxes		(191)		(154)
Other reserves		(14)		(138)
Federal deduction on deferred state taxes		(160)		(366)
Deferred income tax liability	$	(2,110)	$	(3,834)
NET DEFERRED INCOME TAX ASSET	$	3,544	$	7,354