INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of the following:

(In thousands)	2013			2012			2011
Current
Federal	$	18,253		$	9,375		$	(3,136	)
State		2,621			1,439			223
		20,874			10,814			(2,913	)

Deferred
Federal		(706	)		(2,235	)		(7,002	)
State		54			26			(945	)
		(652	)		(2,209	)		(7,947	)
	$	20,222		$	8,605		$	(10,860	)

Schedule of Effective Income Tax Rate Reconciliation

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)	2013			2012			2011
Statutory rates applied to income before income taxes	$	18,370		$	8,231		$	1,565
State income taxes, net of Federal tax benefit		1,610			769			143
Net permanent differences		316			8			33
Change in deferred tax asset valuation allowance		(1,363	)		(1,207	)		(14,121	)
Change in state credits		1,466			1,129			717
Change for net operating loss carrybacks, amended returns and related receivables		(204	)		342			422
Change in deferred tax rate		—			(125	)		274
Change in reserve for uncertain tax positions		—			(674	)		42
Other		27			132			65
	$	20,222		$	8,605		$	(10,860	)

Schedule of Deferred Tax Assets and Liabilities

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)	2013		2012
Deferred tax assets:
Accounts receivable related	$	610	$	578
Net property and equipment		11,977		10,313
Leases		5,007		5,608
Accrued liabilities		776		655
State tax credits		110		1,576
Pension		4,633		9,515
Other		28		37
Total deferred tax assets		23,141		28,282
Deferred tax liabilities:
Inventory related		8,951		8,446
Other		643		702
Total deferred tax liabilities		9,594		9,148
Valuation allowance		—		(1,363	)
Net deferred tax assets	$	13,547	$	17,771

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)	2013			2012
Current assets (liabilities):
Current deferred assets	$	11,048		$	5,060
Current deferred liabilities		(10,754	)		(10,292	)
Valuation allowance		—			(1,363	)
		294			(6,595	)
Non-current assets (liabilities):
Non-current deferred assets		39,974			46,997
Non-current deferred liabilities		(26,721	)		(22,631	)
		13,253			24,366
Net deferred tax assets	$	13,547		$	17,771

Schedule of Uncertain Tax Positions

Uncertain Tax Positions: A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(In thousands)	2013		2012			2011
Balance at January 1	$	—	$	783		$	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