INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES [Abstract]

Income Tax Expense

Income tax expense consists of the following:

	2017			2016			2015
Current:
Federal	$	20,102		$	28,765		$	29,638
Foreign		3,015			2,670			3,021
State		2,790			2,483			2,982
Deemed Repatriation		1,389			-			-
Deferred:
Federal		(1,302	)		(7,114	)		(6,815	)
Foreign		62			52			58
State		(384	)		106			(1,543	)
Federal Rate Change		(27,255	)		-			-
Total income tax provision	$	(1,583	)	$	26,962		$	27,341

Income Tax Reconciliation

The provision for income taxes differs from the amount computed by applying the Federal statutory rate of 35% to earnings before income tax expense due to the following:

	2017			2016			2015
Income tax at Federal statutory rate	$	30,971		$	29,027			30,471
State income taxes, net of Federal income taxes		708			1,510			556
Federal Rate Change		(27,255	)		-			-
Stock Options		(2,927	)		-			-
Deemed Repatriation		1,389			-			-
Domestic production activities deduction		(2,382	)		(3,299	)		(2,709	)
Other		(2,087	)		(276	)		(977	)
Total income tax provision	$	(1,583	)	$	26,962			27,341

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2017 and 2016 were as follows:

	2017		2016
Deferred tax assets:
Inventories	$	1,297	$	2,378
Restricted stock and stock options		3,248		5,100
Other		1,764		2,629
Total deferred tax assets		6,309		10,107
Deferred tax liabilities:
Amortization	$	31,311	$	56,111
Depreciation		22,172		27,435
Other		1,374		48
Total deferred tax liabilities		54,857		83,594
Net deferred tax liability	$	48,548	$	73,487

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, which is included in other long-term obligations on the Company’s consolidated balance sheets, is as follows:

	2017			2016			2015
Balance at beginning of period	$	6,637		$	6,570		$	5,205
Increases for tax positions of prior years		393			332			943
Decreases for tax positions of prior years		(2,711	)		(406	)		(120	)
Increases for tax positions related to current year		462			141			542
Balance at end of period	$	4,781		$	6,637		$	6,570