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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes is comprised of (in thousands):

		Years ended December 31,
		2017				2016				2015
Current:
Federal		$	17,557			$	18,307			$	13,939
State			3,302				3,472				2,989
			20,859				21,779				16,928
Deferred:
Federal			(5,895	)			(338	)			(1,255	)
State			(284	)			(267	)			(260	)
			(6,179	)			(605	)			(1,515	)
Total tax expense		$	14,680			$	21,174			$	15,413

Reconciliation Between Effective Tax Rate on Net Income (Loss) and Federal Statutory Tax Rate

The reconciliation between our effective tax rate on net income and the federal statutory rate is as follows (dollars in thousands):

		Years ended December 31,
		2017								2016								2015
Income tax at federal statutory rate		$	19,537				35.0	%		$	20,864				35.0	%		$	14,676				35.0	%
Stock compensation			(581	)			(1.0	%)			(227	)			(0.4	%)			—				0.0	%
Qualified Production Activity Deduction			(1,715	)			(3.1	%)			(1,776	)			(3.0	%)			(1,347	)			(3.2	%)
Other permanent items			197				0.4	%			(92	)			(0.1	%)			(69	)			(0.2	%)
Change in valuation allowance			285				0.5	%			442				0.7	%			467				1.1	%
Change in uncertain tax positions			(1,807	)			(3.2	%)			66				0.1	%			(559	)			(1.3	%)
State income taxes, net of federal benefit			2,150				3.8	%			1,897				3.2	%			2,245				5.4	%
Rate impact of the Tax Act			(3,386	)			(6.1	%)			—				—	%			—				—	%
Total tax expense		$	14,680				26.3	%		$	21,174				35.5	%		$	15,413				36.8	%

Net Deferred Tax Asset or Liability

Components of the net deferred tax asset or liability are as follows (in thousands):

		As of December 31,
		2017				2016
Deferred Tax Assets
Long-term
Accrued reserves and allowances		$	3,916			$	1,866
Allowance for doubtful accounts			426				448
Inventories			213				284
Intangibles			3,279				806
Net operating loss carryforwards			2,623				2,921
Other current and long-term			10				2
Long-term deferred tax assets			10,467				6,327
Less: Valuation allowance			(1,746	)			(2,415	)
Net deferred tax assets			8,721				3,912
Deferred Tax Liabilities
Long-term
Accrued reserves and allowances			(308	)			(565	)
Property and equipment			(1,453	)			(1,505	)
Intangibles			(3,543	)			(4,899	)
Investment in partnership			(9,189	)			(9,530	)
Other			(208	)			(62	)
Long-term deferred tax liabilities			(14,701	)			(16,561	)
Net deferred tax liabilities		$	(5,980	)		$	(12,649	)

Rollforward of Gross Unrecognized Tax Benefits

A rollforward of the gross unrecognized tax benefits is as follows (in thousands):

Unrecognized tax benefit, January 1, 2016		$	3,586
Increase as a result of tax positions taken during the period			2,354
Decrease as a result of tax positions taken during the period			(1,356	)
Decrease as a result of expiring statutes			(487	)
Unrecognized tax benefit, December 31, 2016			4,097
Increase as a result of tax positions taken during the period			4,353
Decrease as a result of tax positions taken during the period			(2,311	)
Decrease as a result of expiring statutes			(1,689	)
Unrecognized tax benefit, December 31, 2017		$	4,450

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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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-Publisher FASB
-Name Accounting Standards Codification
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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 the change in unrecognized tax benefits.

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