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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
13. | INCOME TAXES :
Provision for Income Taxes The tax provisions are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Current provision- |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,513 |  |  | $ | 21,826 |  |  | $ | 7,755 |
State |  |  | 2,592 |  |  |  | 3,531 |  |  |  | 2,008 |
|  |  | 10,105 |  |  |  | 25,357 |  |  |  | 9,763 |
Deferred provision- |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 29,561 |  |  |  | 23,243 |  |  |  | 20,470 |
State |  |  | 2,084 |  |  |  | 1,986 |  |  |  | 1,611 |
|  |  | 31,645 |  |  |  | 25,229 |  |  |  | 22,081 |
Provision (benefit) for income taxes |  | $ | 41,750 |  |  | $ | 50,586 |  |  | $ | 31,844 |
A reconciliation of taxes based on the federal statutory rates and the provisions (benefits) for income taxes are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Income taxes at the federal statutory rate |  | $ | 37,733 |  |  | $ | 45,691 |  |  | $ | 28,371 |
State income taxes, net of federal benefit |  |  | 3,053 |  |  |  | 3,398 |  |  |  | 2,259 |
Tax effect of permanent differences |  |  | 959 |  |  |  | 1,069 |  |  |  | 802 |
Other, net |  |  | 5 |  |  |  | 428 |  |  |  | 412 |
Provision for income taxes |  | $ | 41,750 |  |  | $ | 50,586 |  |  | $ | 31,844 |
The components of income taxes for other than continuing operations consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Income tax expense (benefit) related to components of other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of cash flow swaps |  | $ | 92 |  |  | $ | 308 |  |  | $ | 338 |
Change in fair value of available-for-sale securities |  |  | 7 |  |  |  | 166 |  |  |  | – |
Total |  | $ | 99 |  |  | $ | 474 |  |  | $ | 338 |
Paid in capital – stock based compensation |  | $ | 337 |  |  | $ | (5,207 | ) |  | $ | (2,566 | )
The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands):
|  | December 31, |
|  | 2015 |  |  | 2014 |
Deferred income tax (assets) liabilities: |  |  |  |  |  |  |  |
Inventory |  | $ | (6,039 | ) |  | $ | (6,786 | )
Accounts receivable |  |  | (187 | ) |  |  | (304 | )
Capital lease obligations |  |  | (30,993 | ) |  |  | (21,182 | )
Stock options |  |  | (10,719 | ) |  |  | (8,820 | )
Accrued liabilities |  |  | (3,685 | ) |  |  | (3,935 | )
State net operating loss carry forward |  |  | (1,570 | ) |  |  | (1,436 | )
State tax credit |  |  | (382 | ) |  |  | (354 | )
Other |  |  | (2,606 | ) |  |  | (1,839 | )
Difference between book and tax basis- Depreciation and amortization |  |  | 244,716 |  |  |  | 201,495 |
|  |  | 188,535 |  |  |  | 156,839 |
Valuation allowance |  |  | 452 |  |  |  | 409 |
Net deferred income tax liability |  | $ | 188,987 |  |  | $ | 157,248 |
In 2015, the FASB issued ASU 2015-17, which requires all deferred tax assets and liabilities, as well as related valuation allowances, to be classified as non-current rather than as current and non-current based on the classification of the related assets and liabilities. The Company retrospectively adopted the provisions of ASU 2015-17 in the fourth quarter of 2015. Accordingly, $18.4 million of deferred taxes have been reclassified from deferred tax assets to other deferred income tax liability in the accompanying consolidated balance sheet as of December 31, 2014. At December 31, 2015, the Company had approximately $39.0 million in state net operating loss carry forwards that expire from 2015 through 2035. The Company has a valuation allowance of $452,000 associated with U.S. state net operating losses. The valuation allowance increased by $43,000 due to uncertainty regarding the ability to utilize the losses. The Company had unrecognized income tax benefits totaling $2.3 million as a component of accrued liabilities at December 31, 2015, and $2.1 million at December 31, 2014, the total of which, 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. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2015, 2014 and 2013, the Company recognized approximately $11,600, $17,500, and $32,000 in interest. No amounts were accrued for penalties. The Company had approximately $110,100, $98,500 and $81,000 for the payment of interest accrued at December 31, 2015, 2014 and 2013, respectively. The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of December 31, 2015, the tax years ended December 31, 2012 through 2015 remained subject to audit by federal tax authorities and the tax years ended December 31, 2011 through 2015, remained subject to audit by state tax authorities. A reconciliation of the change in the unrecognized tax benefits is as follows (in thousands):
|  | 2015 |  |  | 2014 |  |  | 2013 |
Unrecognized tax benefits at beginning of period |  | $ | 2,087 |  |  | $ | 1,545 |  |  | $ | 1,409 |
Gross increases – tax positions in current year |  |  | 692 |  |  |  | 815 |  |  |  | 466 |
Gross increases – tax positions in a prior year |  |  | − |  |  |  | − |  |  |  | − |
Reductions due to lapse of statute of limitations |  |  | (447 | ) |  |  | (273 | ) |  |  | (330 | )
Unrecognized tax benefits at end of period |  | $ | 2,332 |  |  | $ | 2,087 |  |  | $ | 1,545 |

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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 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 2: 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 3: 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 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 + Details
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