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INCOME TAXES | 12 Months Ended
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Dec. 31, 2011
INCOME TAXES [Abstract] |
INCOME TAXES | NOTE 8 - INCOME TAXES Income tax expense consists of the following:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 16,096 |  |  | $ | 14,329 |  |  | $ | 11,922 |
Foreign |  |  | 1,441 |  |  |  | 1,287 |  |  |  | 1,700 |
State |  |  | 131 |  |  |  | 1,906 |  |  |  | 1,425 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 177 |  |  |  | (803 | ) |  |  | (1,181 | )
Foreign |  |  | 127 |  |  |  | 183 |  |  |  | 53 |
State |  |  | 1 |  |  |  | (48 | ) |  |  | (102 | )
Total income tax provision |  | $ | 17,973 |  |  | $ | 16,854 |  |  | $ | 13,817 |
The provision for income taxes differs from the amount computed by applying the Federal statutory rate of 35% to earnings before income tax expense due to the following:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Income tax at Federal statutory rate |  | $ | 19,858 |  |  | $ | 17,546 |  |  | $ | 14,211 |
State income taxes, net of Federal income taxes |  |  | (207 | ) |  |  | 987 |  |  |  | 766 |
Other |  |  | (1,678 | ) |  |  | (1,679 | ) |  |  | (1,160 | )
Total income tax provision |  | $ | 17,973 |  |  | $ | 16,854 |  |  | $ | 13,817 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2011 and 2010 were as follows:
|  | 2011 |  |  | 2010 |
Deferred tax assets: |  |  |  |  |  |
Inventories |  | $ | 396 |  |  | $ | 388 |
Restricted stock and stock options |  |  | 4,218 |  |  |  | 3,352 |
Other |  |  | 773 |  |  |  | 774 |
Total deferred tax assets |  |  | 5,387 |  |  |  | 4,514 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Customer list and goodwill amortization |  | $ | 2,952 |  |  | $ | 3,313 |
Depreciation |  |  | 6,471 |  |  |  | 4,855 |
Prepaid expense |  |  | 574 |  |  |  | 642 |
Trade names and trademarks |  |  | 157 |  |  |  | 171 |
Technology and trade secrets |  |  | 176 |  |  |  | 192 |
Other |  |  | 485 |  |  |  | 431 |
Total deferred tax liabilities |  |  | 10,815 |  |  |  | 9,604 |
Net deferred tax liability |  | $ | 5,428 |  |  | $ | 5,090 |
There is no valuation allowance for deferred tax assets at December 31, 2011 and 2010. In assessing the realizability of deferred tax assets, management considers 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 the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences. The amount of deferred tax asset realizable, however, could change if management's estimate of future taxable income should change. Provisions of ASC 740-10 clarify whether or not to recognize assets or liabilities for tax positions taken that may be challenged by a tax authority. Upon adoption of ASC 740-10, the Company recognized approximately a $291 decrease in its retained earnings balance. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Balance at beginning of period |  | $ | 1,246 |  |  | $ | 972 |  |  | $ | 813 |
Increases for tax positions of prior years |  |  | 397 |  |  |  | 97 |  |  |  | 73 |
Decreases for tax positions of prior years |  |  | (168 | ) |  |  | (127 | ) |  |  | (131 | )
Increases for tax positions related to current year |  |  | 546 |  |  |  | 304 |  |  |  | 217 |
Balance at end of period |  | $ | 2,021 |  |  | $ | 1,246 |  |  | $ | 972 |
All of the Company's unrecognized tax benefits, if recognized in future periods, would impact the Company's effective tax rate in such future periods. The Company recognizes both interest and penalties as part of the income tax provision. During the years ended December 31, 2011, 2010 and 2009, the Company recognized approximately $133, $152 and $110 in interest and penalties, respectively. As of December 31, 2011 and 2010, accrued interest and penalties were $547 and $414, respectively. The Company files income tax returns in the U.S. and in various states and foreign countries. In the major jurisdictions where the Company operates, it is generally no longer subject to income tax examinations by tax authorities for years before 2008. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months.

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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 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 5: 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 Reference 6: 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 7: 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 8: 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=6881521&loc=d3e23780-122690 + Details
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