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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Schedule of income tax provision (benefit)

The Company’s income tax provision for the years ended December 31, 2014, 2013 and 2012 consists of the following (in thousands):

		Years Ended December 31,
		2014			2013			2012
Current
Federal		$	2,638		$	4,353		$	4,301
State		336			824			768
		2,974			5,177			5,069
Deferred
Federal		1,262			641			699
State		(30		)	99			(89		)
		1,232			740			610
Total income tax provision		$	4,206		$	5,917		$	5,679

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities

The approximate tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are as follows (in thousands):

		December 31,
		2014			2013
Current deferred tax assets:
Reserves		$	428		$	383
Inventory capitalization		264			244
Compensation programs		139			204
Retirement liability		35			33
Equity-based compensation		276			246
Total current deferred tax assets		$	1,142		$	1,110
Long-term deferred tax assets / (liabilities):
Excess of book over tax basis of fixed assets		$	(3,471	)	$	(2,413	)
Goodwill		(848		)	(827		)
Total long-term deferred tax liabilities		(4,319		)	(3,240		)
Net operating loss carryforwards		242			342
Deferred rent		36			46
Intangible assets		188			117
Compensation programs		265			411
Total long-term deferred tax assets		731			916
Net long-term deferred tax liabilities		$	(3,588)		$	(2,324)

Schedule of income tax rate reconciliation

		Years Ended December 31,
		2014		2013		2012
Computed “expected” tax rate		34.0	%	34.0	%	34.0	%
Increase (decrease) in income taxes resulting from:
State taxes, net of federal tax benefit		1.1		3.6		2.7
Meals and entertainment		0.3		0.1		0.1
R&D credits		(0.7	)	(1.0	)	(0.1	)
Domestic production deduction		(1.4	)	(2.4	)	(2.5	)
Non-deductible ISO stock option expense		0.4		0.2		0.1
Unrecognized tax benefits		1.3		(0.1	)	(0.2	)
Other		0.8		—		0.2
Effective tax rate		35.8	%	34.4	%	34.3	%

Schedule of gross unrecognized tax benefits resulting from uncertain tax positions

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits (“UTB”) resulting from uncertain tax positions is as follows (in thousands):

		December 31,
		2014			2013
Gross UTB balance at beginning of fiscal year		$	275		$	290
Increases for tax positions of prior years		195			10
Reductions for tax positions of prior years		(45		)	(25		)
Gross UTB balance at end of fiscal year		$	425		$	275

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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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