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Note 7 - Income Taxes | 9 Months Ended
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Sep. 30, 2014
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] |
7. | Income Taxes
The Company and its subsidiaries file U.S. federal and various U.S. state income tax returns. Current income tax expense or benefit represents federal and state taxes based on tax paid or expected to be payable or receivable for the periods shown in the condensed consolidated statement of operations. The income tax expense (benefit) in the accompanying condensed consolidated financial statements consists of the following (amounts in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Current tax expense (benefit) |  | $ | 546 |  |  | $ | 513 |  |  | $ | 573 |  |  | $ | (2,754 | )
Deferred tax benefit |  |  | - |  |  |  | (893 | ) |  |  | - |  |  |  | (10,174 | )
Total tax expense (benefit) |  | $ | 546 |  |  | $ | (380 | ) |  | $ | 573 |  |  | $ | (12,928 | )
The Company is not expecting a federal current tax liability for 2014. The Company does expect a state tax liability for 2014. Therefore, a current tax expense has been recorded for those states for the three and nine months ended September 30, 2014. Additionally, the Company has recorded a current tax expense for the reduction of its net tax receivable. The Company’s deferred tax expense or benefit reflects the change in deferred tax assets or liabilities. The Company performs an analysis at the end of each reporting period to determine whether it is more likely than not the deferred tax asset is expected to be realized in future years. Based upon this analysis, a valuation allowance has been applied to our net deferred tax assets as of September 30, 2014 and December 31, 2013. Therefore, there has been no change in net deferred taxes for the three and nine months ended September 30, 2014. The deferred tax benefit in the three and nine months ended September 30, 2013 reflects, among other temporary timing differences, the impact of the current quarter job charges from revisions to estimated profitability on construction projects which resulted in a net operating loss. On September 13, 2013, the U.S. Treasury Department and the I.R.S. issued the final regulations that address costs incurred in acquiring, producing, or improving tangible property (the “tangible property regulations”). The tangible property regulations are generally effective for tax years beginning on or after January 1, 2014. The Company intends to adopt the tax treatment of expenditures to improve tangible property and the capitalization of inherently facilitative costs to acquire tangible property for tax years on or after January 1, 2014. The tangible property regulations may require the Company to make additional tax accounting method changes for tax years beginning on or after January 1, 2014; however, management does not anticipate the impact of these changes to be material to the Company’s consolidated financial position, its results of operations, or both. The income tax expense (benefit) differs from the amounts using the statutory federal income tax rate of 35% for the following reasons (amounts in thousands, except for percentages):
|  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |
|  | Amount |  |  | % |  |  | Amount |  |  | % |
Tax expense (benefit) at the U.S. federal statutory rate |  | $ | 449 |  |  |  | 35.0 | % |  | $ | (11,014 | ) |  |  | 35.0 | %
State franchise and income tax based on income, net of refunds and federal benefits |  |  | (53 | ) |  |  | (4.1 | ) |  |  | (625 | ) |  |  | 2.0 |
Taxes on subsidiaries’ and joint ventures’ earnings allocated to noncontrolling ownership interests |  |  | (1,906 | ) |  |  | (148.8 | ) |  |  | (1,187 | ) |  |  | 3.8 |
Valuation allowance |  |  | 1,529 |  |  |  | 119.4 |  |  |  | - |  |  |  | - |
Reduction of tax receivable |  |  | 524 |  |  |  | 40.9 |  |  |  | - |  |  |  | - |
Non-taxable interest income |  |  | - |  |  |  | - |  |  |  | (231 | ) |  |  | 0.7 |
Other permanent differences |  |  | 30 |  |  |  | 2.4 |  |  |  | 129 |  |  |  | (0.4 | )
Income tax expense (benefit) |  | $ | 573 |  |  |  | 44.7 | % |  | $ | (12,928 | ) |  |  | 41.1 | %
As a result of the Company’s analysis, management has determined that the Company does not have any material, uncertain tax positions.

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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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: 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 6: 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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