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INCOME TAXES | 12 Months Ended
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Dec. 31, 2012
INCOME TAXES [Abstract] |
INCOME TAXES | Note 7, Income Taxes: Income tax expense (benefit) consists of the following:
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 9,375 |  |  | $ | (3,136 | ) |  | $ | 2,640 |
State |  |  | 1,439 |  |  |  | 223 |  |  |  | 542 |
|  |  | 10,814 |  |  |  | (2,913 | ) |  |  | 3,182 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,235 | ) |  |  | (7,002 | ) |  |  | (2,839 | )
State |  |  | 26 |  |  |  | (945 | ) |  |  | (114 | )
|  |  | (2,209 | ) |  |  | (7,947 | ) |  |  | (2,953 | )
|  | $ | 8,605 |  |  | $ | (10,860 | ) |  | $ | 229 |
The differences between income tax expense in the accompanying Consolidated Financial Statements and the amount computed by applying the statutory Federal income tax rate are as follows:
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Statutory rates applied to income before income taxes |  | $ | 8,231 |  |  | $ | 1,565 |  |  | $ | 3,036 |
State income taxes, net of Federal tax benefit |  |  | 769 |  |  |  | 143 |  |  |  | 302 |
Net permanent differences |  |  | 8 |  |  |  | 33 |  |  |  | (25 | )
Change in deferred tax asset valuation allowance |  |  | (1,207 | ) |  |  | (14,121 | ) |  |  | (3,133 | )
Change in state credits |  |  | 1,129 |  |  |  | 717 |  |  |  | — |
Change for net operating loss carrybacks, amended returns and related receivables |  |  | 342 |  |  |  | 422 |  |  |  | — |
Change in deferred tax rate |  |  | (125 | ) |  |  | 274 |  |  |  | — |
Change in reserve for uncertain tax positions |  |  | (674 | ) |  |  | 42 |  |  |  | 16 |
Other |  |  | 132 |  |  |  | 65 |  |  |  | 33 |
|  | $ | 8,605 |  |  | $ | (10,860 | ) |  | $ | 229 |
Our 2011 benefit includes a $717,000 impact of the change in treatment of ports credits by the state of Georgia. These credits were almost completely reserved in our valuation allowance as are the remaining revised credits. Our 2012 expense includes the impact of state credits which expired in 2012. The change in state credits in 2012 is the unused amounts which expired as of the end of the tax year. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The amounts in the following table are grouped based on broad categories of items that generate the deferred tax assets and liabilities.
(In thousands) |  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |
Accounts receivable related |  | $ | 578 |  |  | $ | 573 |
Net property and equipment |  |  | 10,313 |  |  |  | 7,994 |
Leases |  |  | 5,608 |  |  |  | 4,737 |
Accrued liabilities |  |  | 655 |  |  |  | 140 |
State tax credits |  |  | 1,576 |  |  |  | 2,705 |
Pensions |  |  | 9,515 |  |  |  | 10,435 |
Other |  |  | 37 |  |  |  | 709 |
Total deferred tax assets |  |  | 28,282 |  |  |  | 27,293 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Inventory related |  |  | 8,446 |  |  |  | 7,938 |
Other |  |  | 702 |  |  |  | 739 |
Total deferred tax liabilities |  |  | 9,148 |  |  |  | 8,677 |
Valuation allowance |  |  | (1,363 | ) |  |  | (2,570 | )
Net deferred tax assets |  | $ | 17,771 |  |  | $ | 16,046 |
Deferred tax assets and deferred tax liabilities which are current are netted against each other as are non-current deferred tax assets and non-current deferred tax liabilities as they relate to each tax-paying component for presentation in the consolidated balance sheets. These groupings are detailed in the following table:
(In thousands) |  | 2012 |  |  | 2011 |
Current assets (liabilities): |  |  |  |  |  |
Current deferred assets |  | $ | 5,060 |  |  | $ | 3,331 |
Current deferred liabilities |  |  | (10,292 | ) |  |  | (9,796 | )
Valuation allowance |  |  | (1,363 | ) |  |  | (170 | )
|  |  | (6,595 | ) |  |  | (6,635 | )
Non-current assets (liabilities): |  |  |  |  |  |  |  |
Non-current deferred assets |  |  | 46,997 |  |  |  | 45,208 |
Non-current deferred liabilities |  |  | (22,631 | ) |  |  | (20,127 | )
Valuation allowance |  |  | — |  |  |  | (2,400 | )
|  |  | 24,366 |  |  |  | 22,681 |
Net deferred tax assets |  | $ | 17,771 |  |  | $ | 16,046 |
We review our deferred tax assets to determine the need for a valuation allowance based on evidence to conclude that it is more-likely-than-not they will be realized. The evaluation during 2010 resulted in the release of $2,014,000 from a valuation allowance established in 2008, of which $3,133,000 reduced income tax expense and $1,119,000 was charged to accumulated other comprehensive loss for the portion related to our pension plan. Our profitability in the fourth quarter of 2011 was sufficient such that we were no longer in a cumulative loss position. The sustained improvements in our results since mid-2009 and a review of other positive and negative evidence led us to conclude that a valuation allowance for most of our net deferred tax assets was no longer required. Accordingly, during the fourth quarter of 2011 we released $14.1 million of our valuation allowance. As of December 31, 2012 and 2011 the our valuation allowance on deferred tax assets is $1.4 million and $2.6 million, respectively and was related to state income tax credits. Current evidence does not suggest sufficient taxable income will be generated in this state prior to the expiration of the credits to realize these deferred tax benefits. We file income tax returns in the U.S. federal jurisdiction and various state and local jurisdictions. With respect to U.S. federal, state and local jurisdictions, with limited exceptions, we are no longer subject to income tax audits for years before 2009. Uncertain Tax Positions: A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands) |  | 2012 |  |  | 2011 |  | 2010
Balance at January 1 |  | $ | 783 |  |  | $ | 785 |  | $ | 785
Gross increases – tax positions in prior period |  |  | — |  |  |  | 38 |  |  | —
Gross decreases – tax positions in prior period |  |  | — |  |  |  | (40 | ) |  | —
Reductions related to settlements with taxing authorities and the lapse of the statute of limitations |  |  | (783 | ) |  |  | — |  |  | —
Balance at December 31 |  | $ | — |  |  | $ | 783 |  | $ | 785
During 2012 we settled federal and state audits and the statute of limitations lapsed eliminating our unrecognized tax positions and reducing our effective tax rate by approximately $674,000. Interest and penalties are recognized as components of income tax expense. We had approximately $285,000 of accrued interest and penalties at December 31, 2011.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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