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INCOME TAXES | 6 Months Ended
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Jul. 31, 2016
INCOME TAXES |
INCOME TAXES | NOTE 13 — INCOME TAXES The Company’s income tax expense amounts for the six months ended July 31, 2016 and 2015 differed from the expected income tax expense amounts computed by applying the federal corporate income tax rate of 35% to income before income taxes for the periods as shown in the table below.
|  | Six Months Ended July 31, |
|  | 2016 |  | 2015 |
Computed expected income tax expense |  | $ | 19,721 |  | $ | 13,820 |
State income taxes, net of federal tax benefit |  | 2,075 |  | 2,120 |
Permanent differences, net |  | (3,896 | ) | (2,955 | )
Other, net |  | 1,028 |  | (185 | )
|  | $ | 18,928 |  | $ | 12,800 |
For the six months ended July 31, 2016 and 2015, the favorable income tax effects of permanent differences related primarily to the exclusion from taxable income of the income attributable to noncontrolling interest entities (which are considered partnerships for income tax reporting purposes), the domestic manufacturing deduction, and the recognition of the excess income tax benefits associated with stock options exercised during the current year, all offset partially in the current period by the unfavorable income tax effect of the impairment loss. For the six months ended July 31, 2016, the largest other reconciling item was the unfavorable foreign income tax rate differential. As of July 31, 2016, the amount in the condensed consolidated balance sheet presented for accrued expenses included accrued income taxes in the amount of $1.8 million. The amount presented in the condensed consolidated balance sheet as of January 31, 2016 for prepaid expenses included income tax overpayments of $3.3 million. As of July 31, 2016, the Company does not believe that it has any material uncertain income tax positions reflected in its accounts. The income tax effects of temporary differences that gave rise to deferred tax assets and liabilities as of July 31 and January 31, 2016 included the following:
|  | July 31, |  | January 31, |
|  | 2016 |  | 2016 |
Assets: |  |  |  |  |
Net operating loss (“NOL”) carryforwards |  | $ | 3,103 |  | $ | 3,345 |
Stock options |  | 2,323 |  | 2,354 |
Purchased intangibles |  | 1,763 |  | 1,905 |
Accrued expenses |  | 2,310 |  | 2,144 |
Other |  | 1,049 |  | 328 |
|  | 10,548 |  | 10,076 |
Liabilities: |  |  |  |  |
Construction contracts |  | $ | (3,282 | ) | $ | (3,681 | )
Purchased intangibles |  | (4,421 | ) | (4,375 | )
Property and equipment and other |  | (2,410 | ) | (2,244 | )
|  | (10,113 | ) | (10,300 | )
Net deferred tax assets (liabilities) |  | $ | 435 |  | $ | (224 | )
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 condensed 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 the benefits of 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.

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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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