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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
13. | INCOME TAXE S:
The tax provisions are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Current provision − |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 31,819 |  |  | $ | 22,443 |  |  | $ | 15,236 |
State |  |  | 6,291 |  |  |  | 4,030 |  |  |  | 2,300 |
|  |  | 38,110 |  |  |  | 26,473 |  |  |  | 17,536 |
Deferred provision − |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 6,082 |  |  |  | (64,821 | ) |  |  | 8,260 |
State |  |  | (85 | ) |  |  | 2,618 |  |  |  | 71 |
|  |  | 5,997 |  |  |  | (62,203 | ) |  |  | 8,331 |
Provision (benefit) for income taxes |  | $ | 44,107 |  |  | $ | (35,730 | ) |  | $ | 25,867 |
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, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Income taxes at the federal statutory rate |  | $ | 38,469 |  |  | $ | 47,749 |  |  | $ | 23,255 |
State income taxes, net of federal benefit |  |  | 4,913 |  |  |  | 3,246 |  |  |  | 1,552 |
Tax effect of permanent differences |  |  | 596 |  |  |  | (4,097 | ) |  |  | 887 |
Revaluation of deferred taxes |  |  | − |  |  |  | (82,862 | ) |  |  | − |
Other, net |  |  | 129 |  |  |  | 234 |  |  |  | 173 |
(Benefit) provision for income taxes |  | $ | 44,107 |  |  | $ | (35,730 | ) |  | $ | 25,867 |
The components of income taxes recorded in other comprehensive income and paid in capital consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Income tax expense (benefit) related to components of other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of available-for-sale securities |  |  | − |  |  |  | 183 |  |  |  | 13 |
Total |  | $ | − |  |  | $ | 183 |  |  | $ | 13 |
Paid in capital – stock based compensation |  | $ | − |  |  | $ | − |  |  | $ | 294 |
The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands):
|  | December 31, |
|  | 2018 |  |  | 2017 |
Deferred income tax (assets) liabilities: |  |  |  |  |  |  |  |
Inventory |  | $ | (4,076 | ) |  | $ | (3,637 | )
Accounts receivable |  |  | (231 | ) |  |  | (157 | )
Capital lease obligations |  |  | (16,202 | ) |  |  | (19,480 | )
Stock options |  |  | (9,026 | ) |  |  | (6,899 | )
Accrued liabilities |  |  | (2,481 | ) |  |  | (2,533 | )
State net operating loss carry forward |  |  | (2,463 | ) |  |  | (2,262 | )
State tax credit |  |  | (312 | ) |  |  | (410 | )
Other |  |  | (3,276 | ) |  |  | (3,627 | )
Difference between book and tax basis- Depreciation and amortization |  |  | 179,325 |  |  |  | 174,266 |
|  |  | 141,258 |  |  |  | 135,261 |
Valuation allowance |  |  | 50 |  |  |  | 50 |
Net deferred income tax liability |  | $ | 141,308 |  |  | $ | 135,311 |
On December 22, 2017, the Tax Act was enacted. The Tax Act included, among other items, a reduction of the U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018. The Tax Act made broad and complex changes to the U.S. tax code, some of which affected the Company’s 2017 year end results. Staff Accounting Bulletin No. 118 (SAB 118 ) provided guidance that allowed 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. We applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Act in 2017 and throughout 2018. At December 31, 2017, we had not completed our accounting for all of the enactment-date income tax effects of the Tax Act under ASC 740, Income Taxes , for the remeasurement of deferred tax assets and liabilities. At December 31, 2018, we have now completed our accounting for all of the enactment-date income tax effects of the Tax Act. As further discussed below, during 2018, we did not identify any material or significant adjustments to the provisional amounts recorded at December 31, 2017. At December 31, 2017, the Company recognized a net tax benefit of $82.9 million, which was included as a component of income tax expense. The benefit recorded was primarily a result of the remeasurement of the Company’s deferred tax assets and liabilities at the rate in which they will reverse. Upon further analysis of certain aspects of the Tax Act and refinement of our calculations during the 12 months ended December 31, 2018, we adjusted our provisional amount by less than $100,000 which is included as a component of income tax expense from continuing operations. As of December 31, 2018, the Company had approximately $51.0 million in state net operating loss carry forwards that expire from 2018 to 2038. The Company has evaluated whether its state net operating losses are realizable and has recorded a valuation allowance of $50,000 against them. The valuation allowance remained unchanged in 2018. The Company had unrecognized income tax benefits totaling $2.4 million as a component of accrued liabilities as of December 31, 2018, and $2.6 million at December 31, 2017, 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, 2018, 2017 and 2016, the Company recognized approximately $( 27,450 ), $21,050, and $34,800 in interest expense (income). No amounts were accrued for penalties. The Company had approximately $139,000, $166,000 and $145,000 for the payment of interest accrued as of December 31, 2018, 2017 and 2016, 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, 2018, the tax years ended December 31, 2015 through 2018 remained subject to audit by federal tax authorities and the tax years ended December 31, 2014 through 2018, remained subject to audit by state tax authorities. A reconciliation of the change in the unrecognized tax benefits is as follows (in thousands):
|  | 2018 |  |  | 2017 |  |  | 2016 |
Unrecognized tax benefits at beginning of period |  | $ | 2,555 |  |  | $ | 2,401 |  |  | $ | 2,332 |
Gross increases – tax positions in current year |  |  | 504 |  |  |  | 619 |  |  |  | 429 |
Reductions due to lapse of statute of limitations |  |  | (670 | ) |  |  | (465 | ) |  |  | (360 | )
Unrecognized tax benefits at end of period |  | $ | 2,389 |  |  | $ | 2,555 |  |  | $ | 2,401 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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