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Note 14 - Income Taxes
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Text Block]
 (14)        Income Taxes

Income tax provision (benefit) from continuing operations was as follows (in thousands):

Year Ended December 31,
 
2012
   
2011
   
2010
 
Current:
                 
Federal
  $ 31,438     $ 21,779     $ 9,093  
State
    3,626       3,561       1,619  
      35,064       25,340       10,712  
Deferred:
                       
Federal
    10,888       7,046       (1,670 )
State
    3,110       674       (417 )
      13,998       7,720       (2,087 )
Total
  $ 49,062     $ 33,060     $ 8,625  

At December 31, 2012 and 2011, we had income taxes receivable of $7.3 million and $6.2 million, respectively, included as a component of other current assets on the Consolidated Balance Sheets.

Individually significant components of the deferred tax assets and liabilities are presented below (in thousands):

December 31,
 
2012
   
2011
 
Deferred tax assets:
           
Deferred revenue and cancellation reserves
  $ 7,597     $ 6,369  
Allowances and accruals, including state tax carryforward amounts
    21,340       20,234  
Interest on derivatives
    1,796       2,889  
Goodwill
    18,139       26,817  
Capital loss carryforward
    12,248       12,841  
Total deferred tax assets
    61,120       69,150  
                 
Deferred tax liabilities:
               
Inventories
    (4,684 )     (4,351 )
Property and equipment, principally due to differences in depreciation
    (22,484 )     (16,418 )
Prepaids and property taxes
    (1,356 )     (1,540 )
Total deferred tax liabilities
    (28,524 )     (22,309 )
                 
Valuation allowance
    (11,641 )     (12,841 )
Total
  $ 20,955     $ 34,000  

We consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon future taxable income during the periods in which those temporary differences become deductible. We consider the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment.

The change in our valuation allowance was $1.2 million in 2012. At December 31, 2012, we had an $11.6 million valuation allowance recorded associated with our deferred tax assets. We recorded this allowance in association with losses from the sale of corporate entities. As these amounts are characterized as capital losses, we evaluated the availability of projected capital gains and determined that it would be unlikely these amounts would be fully utilized. We will continue to evaluate if it is more likely than not that we will realize the benefits of these deductible differences. However, additional valuation allowance amounts could be recorded in the future if estimates of taxable income during the carryforward period are reduced.

At December 31, 2012, we had a number of state tax carryforward amounts totaling approximately $0.3 million, tax affected, with expiration dates through 2029.

The reconciliation between amounts computed using the federal income tax rate of 35% and our income tax provision from continuing operations for 2012, 2011 and 2010 is shown in the following tabulation (in thousands):

Year Ended December 31,
 
2012
   
2011
   
2010
 
Federal tax provision at statutory rate
  $ 44,723     $ 30,895     $ 7,774  
State taxes, net of federal income tax benefit
    4,772       3,021       973  
Non-deductible expenses
    618       208       223  
Permanent differences related to the employee stock purchase program
    52       105       164  
Release of valuation allowance
    (1,200 )     (346 )     -  
Other
    97       (823 )     (509 )
Income tax provision
  $ 49,062     $ 33,060     $ 8,625  

We did not have any activity during 2012 or  2011 related to unrecognized tax benefits and did not have any amounts of unrecognized tax benefits as of December 31, 2012 or 2011. No interest or penalties were included in our results of operations during 2012, 2011 or 2010, and we had no accrued interest or penalties at December 31, 2012 or 2011.

Open tax years at December 31, 2012 included the following:

Federal
    2009-2012  
13 states
    2008-2012