Income Taxes (Tables)

12 Months Ended

May 31, 2012

Provision(Benefit) for Income Taxes

The provisions (benefit) for income taxes are composed of:

In thousands	2012			2011			2010
Current	$	1,084		$	981		$	(14,006	)
Deferred		(88	)		(42,875	)		(9,132	)
	$	996		$	(41,894	)	$	(23,138	)

Reconciliation of Income Taxes at Federal Statutory Rate to Preceding Provisions (Benefit)

A reconciliation of income taxes at the federal statutory rate to the preceding provisions (benefit) follows:

In thousands	2012			2011			2010
Taxes at statutory rate	$	2,965		$	(37,382	)	$	(21,697	)
Additional statutory depletion		(2,793	)		(2,512	)		(3,128	)
State income taxes		597			(1,226	)		(862	)
Nontaxable insurance benefits		(1,219	)		(1,275	)		(1,012	)
Qualified domestic production activities		—			—			2,085
Stock-based compensation		823			909			863
Other—net		623			(408	)		613
	$	996		$	(41,894	)	$	(23,138	)

Components of Net Deferred Tax Liability

The components of the net deferred tax asset at May 31 are summarized below.

In thousands	2012			2011
Deferred tax assets
Deferred compensation	$	22,626		$	22,341
Inventory costs		4,897			6,833
Accrued expenses not currently tax deductible		9,192			10,205
Goodwill		988			2,191
Other comprehensive income		11,042			7,250
Alternative minimum tax credit carryforward		28,808			28,808
Net operating loss carryforward		61,530			49,896
Other		5,998			4,803
Total deferred tax assets		145,081			132,327
Valuation allowance		(5,159	)		—
Net deferred tax assets		139,922			132,327
Deferred tax liabilities
Property, plant and equipment		103,583			99,750
Deferred real estate gains		19,049			14,505
Other		3,575			3,039
Total deferred tax liabilities		126,207			117,294
Net deferred tax asset		13,715			15,033
Less current deferred tax asset		10,713			12,346
Long-term deferred tax asset	$	3,002		$	2,687