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INCOME TAXES | 12 Months Ended
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Jan. 31, 2016
INCOME TAXES |
INCOME TAXES | NOTE 17 — INCOME TAXES The components of income tax expense for the years ended January 31, 2016, 2015 and 2014 are presented below:
|  | 2016 |  | 2015 |  | 2014 |
Current: |  |  |  |  |  |  |
Federal |  | $ | 16,458 |  | $ | 15,249 |  | $ | 20,765 |
State |  | 5,423 |  | 4,767 |  | 3,525 |
|  | 21,881 |  | 20,016 |  | 24,290 |
Deferred: |  |  |  |  |  |  |
Federal |  | 2,950 |  | 788 |  | 1,419 |
State |  | 471 |  | 108 |  | 282 |
|  | 3,421 |  | 896 |  | 1,701 |
Income tax expense |  | $ | 25,302 |  | $ | 20,912 |  | $ | 25,991 |
The actual income tax expense amounts for the years ended January 31, 2016, 2015 and 2014 differed from the expected tax amounts computed by applying the U.S. federal corporate income tax rate of 35% to the amounts of income before income taxes as presented below:
|  | 2016 |  | 2015 |  | 2014 |
Computed “expected” income tax |  | $ | 26,427 |  | $ | 22,528 |  | $ | 24,267 |
Increase (decrease) resulting from: |  |  |  |  |  |  |
State income taxes, net |  | 4,030 |  | 3,284 |  | 2,574 |
Exclusion of noncontrolling interests |  | (4,823 | ) | (4,582 | ) | (514 | )
Domestic production activities deduction |  | (1,635 | ) | (1,504 | ) | (1,049 | )
Other permanent differences |  | 1,557 |  | 902 |  | 458 |
Federal income tax true-up and other adjustments |  | (254 | ) | 284 |  | 255 |
Income tax expense |  | $ | 25,302 |  | $ | 20,912 |  | $ | 25,991 |
As of January 31, 2016, the amount presented in the consolidated balance sheet for prepaid expenses included income tax overpayments of $3,311,000. As of January 31, 2015, the Company’s consolidated balance sheet included accrued income taxes of $176,000. As of January 31, 2016, the Company does not believe that it has any material uncertain income tax positions reflected in its accounts. The tax effects of temporary differences that gave rise to deferred tax assets and liabilities as of January 31, 2016 and 2015 included the following:
|  | 2016 |  | 2015 |
Assets: |  |  |  |  |
Net operating loss carryforwards |  | $ | 3,345 |  | $ | — |
Stock options |  | 2,354 |  | 1,649 |
Accrued expenses |  | 2,144 |  | 428 |
Purchased intangibles and other |  | 2,233 |  | 1,239 |
|  | 10,076 |  | 3,316 |
Liabilities: |  |  |  |  |
Purchased intangibles |  | $ | (4,375 | ) | $ | (2,931 | )
Construction contracts |  | (3,681 | ) | (830 | )
Property and equipment and other |  | (2,244 | ) | (565 | )
|  | (10,300 | ) | (4,326 | )
Net deferred tax liabilities |  | $ | (224 | ) | $ | (1,010 | )
The Company acquired unused net operating losses (“NOLs”) for federal income tax reporting purposes from Roberts that are subject to limitations imposed by Section 382 of the Internal Revenue Code of 1986, as amended (the “IRC”). These losses are subject to annual limits that reduce the aggregate amount of NOLs available to the Company to approximately $8,748,000 (the “IRC 382 Limit”). These NOLs are available to offset future taxable income and, if not utilized, begin expiring during 2032. The Company also has certain NOLs that will be available to the Company for state income tax reporting purposes that are substantially similar to the federal NOLs. The Company’s ability to realize deferred tax assets, including those related to the NOLs discussed above, depends primarily upon the generation of sufficient future taxable income to allow for the utilization of the Company’s deductible temporary differences and tax planning strategies. If such estimates and assumptions change in the future, the Company may be required to record additional valuation allowances against some or all of its deferred tax assets resulting in additional income tax expense in the consolidated statement of earnings. At this time, based substantially on the strong earnings performance of the Company’s power industry services reporting segment, management believes that it is more likely than not that the Company will realize a benefit for its deferred tax assets. The Company is subject to income taxes in the United States of America, the Republic of Ireland and in various other state and foreign jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. The Company is no longer subject to federal, state and local income tax examinations by tax authorities for its fiscal years ended on or before January 31, 2011 except for a few notable exceptions including the Republic of Ireland and California where the open periods are one year longer. Income tax penalties recorded during the years ended January 31, 2016, 2015 and 2014, and included in the corresponding amounts of selling, general and administrative expenses, were not material. Interest amounts related to late income tax payments recorded during the years ended January 31, 2016, 2015 and 2014, and included in the corresponding amounts of income tax expense, were not material.

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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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