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TAXES (Tables)

12 Months Ended

Dec. 31, 2012

TAXES

Schedule of income tax provision (benefit)

		Years ended December 31,
		2012			2011			2010
Federal		$	4,611,978		$	4,683,711		$	4,443,536
State		196,073			—			—
Current tax provision		4,808,051			4,683,711			4,443,536
Federal		208,812			(1,503,638		)	(104,612		)
State		31,490			—			—
Deferred tax expense (benefit)		240,302			(1,503,638		)	(104,612		)
Total tax provision		$	5,048,353		$	3,180,073		$	4,338,924

Schedule of differences between the Company's provision for federal income taxes as presented in the consolidated statements of income, and the provision for income taxes computed at the statutory rate, as a percentage of pre-tax earnings

		Years ended December 31,
		2012		2011		2010
Federal tax at the statutory rate		35.00	%	35.00	%	35.00	%
State tax (net of federal benefit)		0.98	%	—		—
Permanent items		3.03	%	0.96	%	0.62	%
Tax credits		(1.44	)%	(2.24	)%	(1.52	)%
Adjustment to base jackpot liability		—		2.09	%	—
Other		(1.41	)%	0.10	%	0.39	%
		36.16	%	35.91	%	34.49	%

Schedule of components of the deferred income tax assets and liabilities

		2012			2011
DEFERRED TAX ASSETS
Share based compensation		$	4,595,100		$	4,126,452
Compensation and benefits		700,194			440,268
Bad debt reserves		255,053			459,496
Accrued expenses		1,372,645			1,080,620
Fixed assets and depreciation		50,428			—
Base stock		787			—
NOLs & credit carry-forwards		5,207,805			—
Deferred income tax asset		$	12,182,012		$	6,106,836
DEFERRED TAX LIABILITIES
Fixed assets and depreciation		$	—		$	(5,537,132	)
Intangibles and amortization		(4,044,119		)	—
Prepaid expenses		(922,736		)	(785,328		)
Real estate taxes		(285,038		)	(280,513		)
Federal deduction on deferred state taxes		(290,158		)	—
Deferred income tax liability		$	(5,542,051	)	$	(6,602,973	)
NET DEFERRED INCOME TAX ASSET (LIABILITY)		$	6,639,961		$	(496,137	)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

		2012			2011			2010
Balance — Beginning of year		$	1,501,206		$	1,501,206		$	—
Additions based on tax positions of the current year		—			—			—
Additions based on tax positions of prior years		—			—			1,501,206
Reductions for settlements		(1,501,206		)	—			—
Decreases due to lapses in statutes of limitations		—			—			—
Balance — End of year		$	—		$	1,501,206		$	1,501,206

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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 the change in unrecognized tax benefits.

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