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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
1 3. | INCOME TAXES :
Provision for Income Taxes The tax provisions are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2017 |  |  | 2016 |  |  | 201 5 |
Current provision- |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 22,443 |  |  | $ | 15,236 |  |  | $ | 7,513 |
State |  |  | 4,030 |  |  |  | 2,300 |  |  |  | 2,592 |
|  |  | 26,473 |  |  |  | 17,536 |  |  |  | 10,105 |
Deferred provision- |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (64,821 | ) |  |  | 8,260 |  |  |  | 29,561 |
State |  |  | 2,618 |  |  |  | 71 |  |  |  | 2,084 |
|  |  | (62,203 | ) |  |  | 8,331 |  |  |  | 31,645 |
Provision (benefit) for income taxes |  | $ | (35,730 | ) |  | $ | 25,867 |  |  | $ | 41,750 |
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, |
|  | 2017 |  |  | 20 16 |  |  | 2015 |
Income taxes at the federal statutory rate |  | $ | 47,749 |  |  | $ | 23,255 |  |  | $ | 37,733 |
State income taxes, net of federal benefit |  |  | 3,246 |  |  |  | 1,552 |  |  |  | 3,053 |
Tax effect of permanent differences |  |  | (4,097 | ) |  |  | 887 |  |  |  | 959 |
Revaluation of deferred taxes |  |  | (82,862 | ) |  |  | − |  |  |  | − |
Other, net |  |  | 234 |  |  |  | 173 |  |  |  | 5 |
(B enefit) provision for income taxes |  | $ | (35,730 | ) |  | $ | 25,867 |  |  | $ | 41,750 |
The components of income taxes recorded in other comprehensive income and paid in capital consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 201 7 |  |  | 2016 |  |  | 201 5 |
Income tax expense (benefit) related to components of other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of cash flow swaps |  | $ | − |  |  | $ | − |  |  | $ | 92 |
Change in fair value of available-for-sale securities |  |  | 183 |  |  |  | 13 |  |  |  | 7 |
Total |  | $ | 183 |  |  | $ | 13 |  |  | $ | 99 |
Paid in capital – stock based compensation |  | $ | − |  |  | $ | 294 |  |  | $ | 337 |
The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands):
|  | December 31, |
|  | 201 7 |  |  | 201 6 |
Deferred income tax (assets) liabilities: |  |  |  |  |  |  |  |
Inventory |  | $ | (3,637 | ) |  | $ | (5,074 | )
Accounts receivable |  |  | (157 | ) |  |  | (203 | )
Capital lease obligations |  |  | (19,480 | ) |  |  | (31,263 | )
Stock options |  |  | (6,899 | ) |  |  | (11,655 | )
Accrued liabilities |  |  | (2,533 | ) |  |  | (3,610 | )
State net operating loss carry forward |  |  | (2,262 | ) |  |  | (1,921 | )
State tax credit |  |  | (410 | ) |  |  | (380 | )
Other |  |  | (3,627 | ) |  |  | (5,170 | )
Difference between book and tax basis- Depreciation and amortization |  |  | 174,266 |  |  |  | 256,352 |
|  |  | 135,261 |  |  |  | 197,076 |
Valuation allowance |  |  | 50 |  |  |  | 255 |
Net deferred income tax liability |  | $ | 135,311 |  |  | $ | 197,331 |
On December 22, 2017, the Tax Act was enacted. The Tax Act includes, among other items, a reduction of the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. The Tax Act makes broad and complex changes to the U.S. tax code, some of which affect the Company’s 2017 year end results. Staff Accounting Bulletin No. 118 (SAB 118 ) provides guidance that allows registrants to provide a reasonable estimate of the Tax Act in their financial statements and adjust the reported impact in a measurement period not to exceed one year. At December 31, 2017, the Company made a reasonable estimate of the effects of the Tax Act on its existing deferred tax balances and recognized a provisional net tax benefit of $82.9 million, which is included as a component of income tax expense. The provision benefit recorded is primarily a result of the remeasurement of the Company’s deferred tax assets and liabilities at the rate in which they will reverse. The Company will continue to refine its calculations as additional analysis is completed. In addition, the Company’s estimates may also be affected as it gains a more thorough understanding of the tax law. At December 31, 201 7, the Company had approximately $44.4 million in state net operating loss carry forwards that expire from 2017 through 2037. The Company has a valuation allowance of $50,000 associated with state net operating losses. The valuation allowance decreased by $205,000 due to expiration of certain losses that had previously had a valuation allowance. The Company had unrecognized income tax benefits totaling $2.6 million as a component of accrued liabilities at December 31, 2017, and $2.4 million at December 31, 2016, 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, 2017, 2016 and 2015, the Company recognized approximately $21,050, $34,800, and $11,600 in interest. No amounts were accrued for penalties. The Company had approximately $166,000, $145,000 and $110,100 for the payment of interest accrued at December 31, 2017, 2016 and 2015, 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, 2017, the tax years ended December 31, 2014 through 2017 remained subject to audit by federal tax authorities and the tax years ended December 31, 2013 through 2017, remained subject to audit by state tax authorities. A reconciliation of the change in the unrecognized tax benefits is as follows (in thousands):
|  | 201 7 |  |  | 201 6 |  |  | 201 5 |
Unrecognized tax benefits at beginning of period |  | $ | 2,401 |  |  | $ | 2,332 |  |  | $ | 2,087 |
Gross increases – tax positions in current year |  |  | 619 |  |  |  | 429 |  |  |  | 692 |
Gross increases – tax positions in a prior year |  |  |  |  |  |  |  |  |  |  | − |
Reductions due to lapse of statute of limitations |  |  | (465 | ) |  |  | (360 | ) |  |  | (447 | )
Unrecognized tax benefits at end of period |  | $ | 2,555 |  |  | $ | 2,401 |  |  | $ | 2,332 |

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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 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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