XML 45 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2011
Income Taxes [Abstract]  
INCOME TAXES

13. INCOME TAXES:

Provision for Income Taxes

The tax provisions (benefits) are summarized as follows (in thousands):

 

      September 30,       September 30,       September 30,  
    Year Ended December 31,  
    2011     2010     2009  
       

Current provision (benefit)-

                        

Federal

   $ 3,081     $ 3,850     $ (688 ) 

State

     3,203       1,965       889  
   

 

 

    

 

 

    

 

 

  
       
      6,284       5,815       201  
   

 

 

    

 

 

    

 

 

  
       

Deferred provision (benefit)-

                        

Federal

     27,495       9,962       (2,614 ) 

State

     1,185       253       (255 ) 
   

 

 

    

 

 

    

 

 

  
       
      28,680       10,215       (2,869 ) 
   

 

 

    

 

 

    

 

 

  
       

(Benefit) provision for income taxes

   $ 34,964     $ 16,030     $ (2,668 ) 
   

 

 

    

 

 

    

 

 

  

A reconciliation of taxes based on the federal statutory rates and the provisions (benefits) for income taxes are summarized as follows (in thousands):

 

      September 30,       September 30,       September 30,  
    Year Ended December 31,  
    2011     2010     2009  
       

Income taxes at the federal statutory rate

   $ 31,562     $ 16,559     $ 1,126  

State income taxes, net of federal benefit

     2,795       1,418       422  

Tax effect of permanent differences

     621       542       540  

Alternative fuel tax credits

     —         (2,461 )      (5,304 ) 

Federal tax settlement

     —         —         700  

Other, net

     (14 )      (28 )      (152 ) 
   

 

 

    

 

 

    

 

 

  
       

Provision (benefit) for income taxes

   $ 34,964     $ 16,030     $ (2,668 ) 
   

 

 

    

 

 

    

 

 

  

Following is a summary of the Company’s income tax provision for the years ended December 31, 2011, 2010 and 2009 (in thousands):

 

      September 30,       September 30,       September 30,  
    2011     2010     2009  
       

Income tax provision (benefit) on continuing operations

   $ 34,964     $ 11,737     $ (3,173 ) 

Income tax provision from discontinued operations

     —         4,293       505  
   

 

 

    

 

 

    

 

 

  
       

Provision (benefit) for income taxes

   $ 34,964     $ 16,030     $ (2,668 ) 
   

 

 

    

 

 

    

 

 

  

 

The following summarizes the components of deferred tax assets and liabilities included in the balance sheet (in thousands):

 

      September 30,       September 30,  
    December 31,  
    2011     2010  

Current:

                

Deferred tax assets:

                

Inventory

   $ 2,944     $ 2,222  

Accounts receivable

     178       72  

Capital lease obligations

     4,217       3,896  

Stock options

     1,145       958  

Alternative fuel tax credits

     —         160  

Accrued liabilities

     2,453       1,671  

State net operating loss carry forward

     393       529  

State tax credit

     527       572  

Other

     429       201  
   

 

 

    

 

 

  

Current deferred tax asset

   $ 12,286     $ 10,281  
   

 

 

    

 

 

  
     

Non-Current:

                

Deferred tax assets:

                

Capital lease obligations

   $ 12,651     $ 11,687  

Stock options

     4,579       3,833  

Other

     1,231       142  
   

 

 

    

 

 

  
      18,461       15,662  
     

Deferred tax liabilities:

                

Difference between book and tax basis-

                

Depreciation

     (111,584 )      (78,793 ) 

LIFO inventory valuation

     —         (409 ) 
   

 

 

    

 

 

  
     

Net non-current tax liability

   $ (93,123 )    $ (63,540 ) 
   

 

 

    

 

 

  

The Company’s various state net operating loss carry forwards expire from 2011 through 2024.

The Company included accruals for unrecognized income tax benefits totaling $1.3 million as a component of accrued liabilities as of December 31, 2011, and $1.5 million as of December 31, 2010. The unrecognized tax benefits of $1.3 million at December 31, 2011, and $1.5 million as of December 31, 2010, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement would require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. As of December 31, 2011, the Company accrued interest of $51,000 related to unrecognized tax benefits in the current provision for income taxes. No amounts were accrued for penalties.

The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of December 31, 2011, the tax years ended December 31, 2008 through 2011 remained subject to audit by federal tax authorities and the tax years ended December 31, 2007 through 2011, remained subject to audit by state tax authorities.

 

A reconciliation of the change in the unrecognized tax benefits from January 1, 2009, to December 31, 2011, is as follows (in thousands):

 

      September 30,  

Unrecognized tax benefits at January 1, 2009

   $ 1,939  

Gross increases – tax positions in prior year

     346  

Gross increases – tax positions in current year

     94  

Decreases related to settlements with taxing authorities

     (345 ) 

Reductions due to lapse of statute of limitations

     (273 ) 
   

 

 

  

Unrecognized tax benefits at December 31, 2009

     1,761  

Gross increases – tax positions in current year

     177  

Reductions due to lapse of statute of limitations

     (472 ) 
   

 

 

  

Unrecognized tax benefits at December 31, 2010

     1,466  

Gross increases – tax positions in current year

     290  

Gross increases – tax positions in a prior year

     119  

Reductions due to lapse of statute of limitations

     (538 ) 
   

 

 

  

Unrecognized tax benefits at December 31, 2011

   $ 1,337