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Income Tax Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Income (loss) from continuing operations before income taxes | Income (loss) from continuing operations before income taxes consisted of the following:
| (Dollars in thousands)
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
United States | $ | (34,690 | ) |  | $ | (5,100 | ) |  | $ | 14,269 |
Canada | (9,290 | ) |  | (976 | ) |  | 2,427 |
| $ | (43,980 | ) |  | $ | (6,076 | ) |  | $ | 16,696 |
Components of provision (benefit) for income taxes | Provision (benefit) for income taxes from continuing operations for the years ended December 31, consisted of the following:
| (Dollars in thousands)
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
Current income tax expense (benefit): |  |  |  |  |
U.S. Federal | $ | 62 |  |  | $ | 464 |  |  | $ | 3,681 |
U.S. state | 215 |  |  | 295 |  |  | 987 |
Canada | 1,016 |  |  | (190 | ) |  | 366 |
Total | $ | 1,293 |  |  | $ | 569 |  |  | $ | 5,034 |
Deferred income tax expense (benefit): |  |  |  |  |
U.S. Federal | $ | 16,159 |  |  | $ | (2,187 | ) |  | $ | 1,648 |
U.S. state | 1,160 |  |  | (155 | ) |  | 217 |
Canada | 125 |  |  | 86 |  |  | 207 |
Total | $ | 17,444 |  |  | $ | (2,256 | ) |  | $ | 2,072 |
Total income tax expense (benefit): |  |  |  |  |
U.S. Federal | $ | 16,221 |  |  | $ | (1,723 | ) |  | $ | 5,329 |
U.S. state | 1,375 |  |  | 140 |  |  | 1,204 |
Canada | 1,141 |  |  | (104 | ) |  | 573 |
Total | $ | 18,737 |  |  | $ | (1,687 | ) |  | $ | 7,106 |
Reconciliation between effective income tax rate and statutory federal rate | The reconciliation between the effective income tax rate and the statutory federal rate for continuing operations was as follows:
| Year Ended December 31,
| 2012 |  | 2011 |  | 2010
Statutory Federal rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Increase (decrease) resulting from: |  |  |  |  |
State and local taxes, net | 2.6 |  |  | (1.6 | ) |  | 1.2 |
Executive life insurance | 0.8 |  |  | (1.0 | ) |  | (1.8 | )
Fines and penalties | 0.1 |  |  | 0.3 |  |  | (0.2 | )
Meals & entertainment | (0.3 | ) |  | (3.0 | ) |  | 0.8 |
Capital loss carryforward | — |  |  | — |  |  | 3.7 |
Deferred tax expense | — |  |  | 1.0 |  |  | 1.2 |
Change in valuation allowance | (76.0 | ) |  | (1.0 | ) |  | 4.1 |
Change in uncertain tax positions | (4.6 | ) |  | (1.6 | ) |  | (1.4 | )
Provision to return differences | 1.0 |  |  | (0.3 | ) |  | 1.4 |
Other items, net | (1.2 | ) |  | — |  |  | (1.4 | )
Provision for income taxes | (42.6 | )% |  | 27.8 | % |  | 42.6 | %
Deferred tax assets and liabilities | Deferred income tax assets and liabilities contain the following temporary differences:
| (Dollars in thousands)
| December 31,
| 2012 |  | 2011
Deferred tax assets: |  |  |
Compensation and benefits | $ | 14,101 |  |  | $ | 16,048 |
Net operating loss carryforward | 12,710 |  |  | 4,286 |
Inventory reserve | 3,654 |  |  | 2,472 |
Accounts receivable reserve | 657 |  |  | 723 |
Property, plant and equipment | — |  |  | 879 |
Other | 4,694 |  |  | 1,147 |
Total deferred tax assets | 35,816 |  |  | 25,555 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 738 |  |  | — |
Goodwill | — |  |  | 6,557 |
Other | 728 |  |  | 480 |
Total deferred liabilities | 1,466 |  |  | 7,037 |
Net deferred assets before valuation allowance | 34,350 |  |  | 18,518 |
Valuation allowance | (34,278 | ) |  | (938 | )
Net deferred assets | $ | 72 |  |  | $ | 17,580 |
Net deferred tax assets: |  |  |
Net current deferred tax assets | $ | 17 |  |  | $ | 5,716 |
Net noncurrent deferred tax assets | 55 |  |  | 11,864 |
Net deferred assets | $ | 72 |  |  | $ | 17,580 |
Reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| (Dollars in thousands)
| December 31,
| 2012 |  | 2011
Balance at beginning of year | $ | 92 |  |  | $ | — |
Additions for tax positions of current year | 1,261 |  |  | 92 |
Additions for tax positions of prior years | 835 |  |  | — |
Reductions for tax positions of prior years | (92 | ) |  | — |
Settlements | — |  |  | — |
Balance at end of year | $ | 2,096 |  |  | $ | 92 |

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- Definition 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References No definition available. + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -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. + Details
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