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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Tax Disclosure [Text Block] | (13) Income Taxes Income tax provision (benefit) from continuing operations was as follows (in thousands):
Year Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 46,727 |  |  | $ | 31,438 |  |  | $ | 21,779 |
State |  |  | 5,539 |  |  |  | 3,626 |  |  |  | 3,561 |
|  |  | 52,266 |  |  |  | 35,064 |  |  |  | 25,340 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 9,010 |  |  |  | 10,888 |  |  |  | 7,046 |
State |  |  | (702 | ) |  |  | 3,110 |  |  |  | 674 |
|  |  | 8,308 |  |  |  | 13,998 |  |  |  | 7,720 |
Total |  | $ | 60,574 |  |  | $ | 49,062 |  |  | $ | 33,060 |
At December 31, 2013 and 2012, we had income taxes receivable of $3.4 million and $7.3 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, |  | 2013 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |  |  |
Deferred revenue and cancellation reserves |  | $ | 8,857 |  |  | $ | 7,597 |
Allowances and accruals, including state tax carryforward amounts |  |  | 31,060 |  |  |  | 21,340 |
Interest on derivatives |  |  | 1,113 |  |  |  | 1,796 |
Credits and other |  |  | 1,937 |  |  |  | - |
Goodwill |  |  | 10,331 |  |  |  | 18,139 |
Capital loss carryforward |  |  | 10,893 |  |  |  | 12,248 |
Valuation allowance |  |  | (11,087 | ) |  |  | (11,641 | )
Total deferred tax assets |  |  | 53,104 |  |  |  | 49,479 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Inventories |  |  | (6,722 | ) |  |  | (4,684 | )
Property and equipment, principally due to differences in depreciation |  |  | (32,563 | ) |  |  | (22,484 | )
Prepaid expenses and other |  |  | (2,015 | ) |  |  | (1,356 | )
Total deferred tax liabilities |  |  | (41,300 | ) |  |  | (28,524 | )
Total |  | $ | 11,804 |  |  | $ | 20,955 |
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. As of December 31, 2013, we had a $11.1 million valuation allowance recorded associated with our deferred tax assets. The majority of this allowance is associated with capital losses from the sale of corporate entities in prior years. The valuation allowance decreased $0.6 million in the current year. During 2013, release of the valuation allowance related to the utilization of our capital loss carryforward resulted in a tax benefit of $1.5 million. As of the end of 2013, we evaluated the availability of projected capital gains and determined that it continues to be unlikely the remaining capital loss carryforward 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, 2013, we had a number of state tax carryforward amounts totaling approximately $0.9 million, tax affected, with expiration dates through 2033. We believe that it is more likely than not that the benefit from certain state NOL carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $0.9 million on the deferred tax assets relating to these state NOL carryforwards. The reconciliation between amounts computed using the federal income tax rate of 35% and our income tax provision from continuing operations for 2013, 2012 and 2011 is shown in the following tabulation (in thousands):
Year Ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Federal tax provision at statutory rate |  | $ | 58,026 |  |  | $ | 44,723 |  |  | $ | 30,895 |
State taxes, net of federal income tax benefit |  |  | 3,141 |  |  |  | 4,772 |  |  |  | 3,021 |
Non-deductible expenses |  |  | 1,010 |  |  |  | 618 |  |  |  | 208 |
Permanent differences related to the employee stock purchase program |  |  | 55 |  |  |  | 52 |  |  |  | 105 |
Net change in valuation allowance |  |  | (554 | ) |  |  | (1,200 | ) |  |  | (346 | )
General business credits |  |  | (440 | ) |  |  | - |  |  |  | - |
Other |  |  | (664 | ) |  |  | 97 |  |  |  | (823 | )
Income tax provision |  | $ | 60,574 |  |  | $ | 49,062 |  |  | $ | 33,060 |
We did not have any activity during 2013 or 2012 related to unrecognized tax benefits and did not have any amounts of unrecognized tax benefits as of December 31, 2013 or 2012. No interest or penalties were included in our results of operations during 2013, 2012 or 2011, and we had no accrued interest or penalties at December 31, 2013 or 2012. Open tax years at December 31, 2013 included the following:
Federal |  | 2010 | - | 2013
12 states |  | 2009 | - | 2013

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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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