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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of income tax provision (benefit)

The Company’s income tax provision for the years ended December 31, 2015, 2014 and 2013 consists of the following (in thousands):

		Years Ended December 31,
		2015			2014			2013
Current
Federal		$	3,131		$	2,638		$	4,353
State		580			336			824
		3,711			2,974			5,177
Deferred
Federal		508			1,262			641
State		(71		)	(30		)	99
		437			1,232			740
Total income tax provision		$	4,148		$	4,206		$	5,917

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,
		2015			2014
Deferred tax assets:
Reserves		$	532		$	428
Inventory capitalization		407			264
Compensation programs		501			404
Retirement liability		27			35
Equity-based compensation		290			276
Net operating loss carryforwards		141			242
Deferred rent		10			36
Intangible assets		264			188
Total deferred tax assets		2,172			1,873
Deferred tax liabilities:
Excess of book over tax basis of fixed assets		(4,186		)	(3,471		)
Goodwill		(869		)	(848		)
Total deferred tax liabilities		(5,055		)	(4,319		)
Net long-term deferred tax liabilities		$	(2,883	)	$	(2,446	)

Schedule of income tax rate reconciliation

		Years Ended December 31,
		2015		2014		2013
Computed “expected” tax rate		34.0	%	34.0	%	34.0	%
Increase (decrease) in income taxes resulting from:
State taxes, net of federal tax benefit		2.3		1.1		3.6
Meals and entertainment		0.3		0.3		0.1
R&D credits		(0.8	)	(0.7	)	(1.0	)
Domestic production deduction		(2.5	)	(1.4	)	(2.4	)
Non-deductible ISO stock option expense		0.4		0.4		0.2
Unrecognized tax benefits		—		1.3		(0.1	)
Other		1.6		0.8		—
Effective tax rate		35.3	%	35.8	%	34.4	%

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,
		2015			2014
Gross UTB balance at beginning of fiscal year		$	230		$	275
Increases for tax positions of prior years		—			—
Reductions for tax positions of prior years		(68		)	(45		)
Gross UTB balance at end of fiscal year		$	162		$	230

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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
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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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-SubTopic 10
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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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