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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Income before Income Tax Provision, Domestic and Foreign

The components of income before income tax provision for the years ended June 30, 2014, 2013 and 2012 are as follows (in thousands):

	Years Ended June 30,
	2014				2013				2012
United States	$	66,152			$	14,102			$	41,540
Foreign	13,442				12,494				3,811
Income before income tax provision	$	79,594			$	26,596			$	45,351

Components of Income Tax Provision

The income tax provision for the years ended June 30, 2014, 2013 and 2012, consists of the following (in thousands):

	Years Ended June 30,
	2014				2013				2012
Current:
Federal	$	20,102			$	7,904			$	17,210
State	624				684				817
Foreign	5,252				3,806				1,206
	25,978				12,394				19,233
Deferred:
Federal	122				(5,984		)		(2,862		)
State	(472		)		(1,093		)		(873		)
Foreign	(191		)		—				—
	(541		)		(7,077		)		(3,735		)
Income tax provision	$	25,437			$	5,317			$	15,498

Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets as of June 30, 2014 and 2013, consist of the following (in thousands):

	June 30,
	2014				2013
Warranty accrual	$	2,459			$	2,204
Marketing fund accrual	938				795
Inventory valuation	9,472				10,313
Stock-based compensation	4,114				3,889
Research and development credit	1,938				1,906
Other	4,719				4,216
Total deferred income tax assets	23,640				23,323
Deferred tax liabilities-depreciation and other	(644		)		(262		)
Deferred income tax assets-net	$	22,996			$	23,061

Effective Income Tax Rate Reconciliation

The following is a reconciliation for the years ended June 30, 2014, 2013 and 2012, of the statutory rate to the Company’s effective federal tax rate:

		Years Ended June 30,
		2014			2013			2012
Tax at statutory rate		35.0	%		35.0	%		35.0	%
State income tax, net of federal tax benefit		3.3			3.8			2.5
Foreign tax rate differences		(2.5	)		(6.7	)		(1.0	)
Research and development tax credit		(4.0	)		(14.4	)		(5.7	)
Qualified production activity deduction		(1.8	)		(2.9	)		(2.4	)
Stock based compensation		4.5			13.5			6.2
Uncertain tax positions		(2.1	)		(11.0	)		(0.5	)
Subpart F income inclusion		(3.9	)		(3.8	)		(0.6	)
Foreign withholding tax		4.1			5.5			2.0
Federal tax return to provision adjustment		(0.7	)		(3.9	)		(0.2	)
Other		0.1			4.9			(1.1	)
Effective tax rate		32.0	%		20.0	%		34.2	%

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):

	Gross* Unrecognized Income Tax Benefits
Balance at June 30, 2011	$	6,549
Gross increases:
For current year’s tax positions	1,302
For prior years’ tax positions	501
Gross decreases:
Settlements and releases due to the lapse of statutes of limitations	(225		)
For prior year' tax positions	(102		)
Balance at June 30, 2012	8,025
Gross increases:
For current year’s tax positions	2,044
For prior years’ tax positions	490
Gross decreases:
Settlements and releases due to the lapse of statutes of limitations	(2,470		)
For prior years’ tax positions	—
Balance at June 30, 2013	8,089
Gross increases:
For current year’s tax positions	3,120
For prior years’ tax positions	132
Gross decreases:
Settlements and releases due to the lapse of statutes of limitations	(1,726		)
For prior years’ tax positions	—
Balance at June 30, 2014	$	9,615

__________________________

* excludes interest, penalties, federal benefit of state reserves 

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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