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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2013

Schedule of Components Of Income Tax Provision

The components of the income tax provision were as follows (in thousands):

	Year Ended September 30,
	2013					2012					2011
Current:
Federal	$		12,003			$		18,156			$		5,470
State			1,813					1,512					939
Foreign			1,562					331					563
			15,378					19,999					6,972
Deferred:
Federal			(447	)				(1,840	)				(122	)
State			(105	)				25					(76	)
Foreign			(6,170	)				393					(62	)
			(6,722	)				(1,422	)				(260	)
Total income tax provision	$		8,656			$		18,577			$		6,712

Schedule of Income Before Income Taxes

Income before income taxes was as follows (in thousands):

	Year Ended September 30,
	2013									2012									2011
U.S.	$		46,905					$				53,885					$				19,850
Other than U.S.			3,827									(5,651	)								(15,853	)
Income before income taxes	$		50,732					$				48,234					$				3,997

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. income tax rate and the effective income tax rate, as computed on earnings before income tax provision in each of the three years presented in the Consolidated Statements of Operations, was as follows:

	Year Ended September 30,
	2013					2012					2011
Statutory rate		35		%			35		%			35		%
State income taxes, net of federal benefit		2					2					14
International withholding tax		(1	)				(1	)				(9	)
Other permanent tax items		1					−					5
Foreign rate differential		(1	)				1					33
Domestic production activities deduction		(3	)				(3	)				(16	)
Foreign valuation allowance and other		(16	)				4					106
Effective rate		17		%			38		%			168		%

Schedule of Components of Deferred Income Tax Assets and Liabilities

The net deferred income tax asset (liability) was comprised of the following (in thousands):

	September 30,
	2013									2012
Current deferred income taxes:
Gross assets	$		5,561					$				7,053
Gross liabilities			(845	)								(2,455	)
Net current deferred income tax asset			4,716									4,598
Noncurrent deferred income taxes:
Gross assets			9,025									2,423
Gross liabilities			−									−
Net noncurrent deferred income tax asset			9,025									2,423
Net deferred income tax asset	$		13,741					$				7,021

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences between U.S. GAAP accounting and federal income tax accounting creating deferred income tax assets and liabilities was as follows (in thousands):

	September 30,
	2013					2012
Deferred Tax Assets:
Net operating loss	$		3,892			$		4,787
Uniform capitalization and inventory			2,510					3,683
Reserve for accrued employee benefits			1,517					1,546
Deferred compensation			1,297					1,013
Goodwill			1,198					1,285
Stock-based compensation			1,291					729
Warranty accrual			1,101					1,336
Workers’ compensation			185					360
Depreciation and amortization			953					1,366
Postretirement benefits liability			396					373
Allowance for doubtful accounts			209					367
Accrued legal			57					114
Other			115					15
Gross deferred tax asset			14,721					16,974
Less: valuation allowance			(135	)				(7,498	)
Deferred tax asset			14,586					9,476
Deferred Tax Liabilities:
Uncompleted contracts			(845	)				(2,455	)
Deferred tax liabilities			(845	)				(2,455	)
Net deferred tax asset	$		13,741			$		7,021

Reconciliation of Unrecognized Tax Liabilities

A reconciliation of the beginning and ending amount of the unrecognized tax liabilities follows (in thousands):

Balance as of September 30, 2012	$		511
Increases related to tax positions taken during the current period			880
Increases related to tax positions taken during a prior period			2,869
Decreases related to expirations of statute of limitations			(415	)
Balance as of September 30, 2013	$		3,845

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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