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Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Summary of Expense (Benefit) for Income Taxes

The expense (benefit) for income taxes for the years ended December 31, was as follows:

		2015				2014				2013
Current tax expense (benefit)
Federal		$	(446	)		$	5,650			$	2,629
State			55				1,448				955
			(391	)			7,098				3,584
Deferred tax expense (benefit)
Federal			345				3,050				967
State			(342	)			665				208
			3				3,715				1,175
Total tax (benefit) expense		$	(388	)		$	10,813			$	4,759

Summary of Company's Effective Tax Rate on Income From Continuing Operations and Statutory Tax Rate

A reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory tax rate for the years ended December 31, was as follows: 

		2015								2014								2013
		Amount				Percent				Amount				Percent				Amount				Percent
Income tax expense (benefit) at federal statutory rate		$	4,862				35.0	%		$	12,089				35.0	%		$	(4,760	)			34.0	%
State income tax, net of federal benefit			178				1.3				1,403				4.0				848				(6.1	)
Non-deductible private placement warrant (income)/expense			(3,255	)			(23.4	)			(2,159	)			(6.2	)			9,531				(68.0	)
Domestic production activity			—				—				(295	)			(0.9	)			(376	)			2.7
Research tax credits			(2,437	)			(17.6	)			(1,001	)			(2.9	)			(1,054	)			7.5
Tax reserve reassessment			315				2.3				170				0.5				570				(4.1	)
Other, net			(51	)			(0.4	)			606				1.8				—				—
Income tax expense (benefit)		$	(388	)			(2.8	)%		$	10,813				31.3	%		$	4,759				(34.0	)%

Summary of Components of Deferred Income Tax Assets and Liabilities

Components of the deferred income tax assets and liabilities consisted of the following as of December 31:

		2015				2014
Deferred tax assets
Inventory		$	2,861			$	2,143
Allowances and bad debts			398				280
Accrued warranty			778				1,022
Accrued wages and benefits			627				553
Stock compensation			488				391
Other			515				8
Total deferred tax assets			5,667				4,397
Deferred tax liabilities
Intangibles			(944	)			(1,810	)
Tax depreciation in excess of book			(3,904	)			(1,830	)
Total deferred tax liabilities			(4,848	)			(3,640	)
Net deferred tax assets		$	819			$	757

Schedule of Net Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets and liabilities are presented as follows in the Company’s consolidated balance sheets as of December 31:

		2015				2014
Current deferred tax assets, net		$	—			$	3,998
Non-current deferred tax asset/(liabilities), net			819				(3,241	)
Net deferred tax assets		$	819			$	757

Schedule of Change in Unrecognized Tax Benefits

The change in unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2015 and 2014 were as follows:

		2015				2014
Balance at beginning of year		$	723			$	555
Additions based on tax positions related to the current year			261				255
Additions/(Reductions) for tax positions of prior years			44				(87	)
Balance at end of year		$	1,028			$	723

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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-Topic 740
-SubTopic 10
-Section 50
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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