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INCOME TAXES | 12 Months Ended
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Jan. 31, 2013
Income Tax Disclosure [Text Block] |
14. | INCOME TAXES
The (benefit) provision for income taxes from continuing operations for fiscal years 2012, 2011 and 2010 consists of the following (amounts in thousands):
|  | 2012 |  |  | 2011 |  |  | 2010 |
Federal: |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | 434 |  |  |  | — |
Deferred |  |  | (1,611 | ) |  |  | 13,842 |  |  |  | 10,731 |
|  |  | (1,611 | ) |  |  | 14,276 |  |  |  | 10,731 |
State and Local: |  |  |  |  |  |  |  |  |  |  |  |
Current |  |  | — |  |  |  | 685 |  |  |  | — |
Deferred |  |  | (28 | ) |  |  | 996 |  |  |  | 1,627 |
|  |  | (28 | ) |  |  | 1,681 |  |  |  | 1,627 |
(Benefit) provision for income taxes |  | $ | (1,639 | ) |  | $ | 15,957 |  |  | $ | 12,358 |
The tax effects of significant temporary differences representing deferred tax assets and liabilities are as follows as of January 31, 2013 and 2012 (amounts in thousands):
|  | 2013 |  |  | 2012 |
Assets: |  |  |  |  |  |  |  |
Deferral of service contract income |  | $ | 136 |  |  | $ | 590 |
Accrued liabilities |  |  | 46 |  |  |  | 553 |
Installment sales of limited partnerships |  |  | — |  |  |  | 288 |
Stock based compensation |  |  | 338 |  |  |  | 406 |
Property and equipment, net |  |  | 613 |  |  |  | — |
Federal net operating loss carryforward |  |  | 7,625 |  |  |  | — |
AMT credit carryforward |  |  | 23,589 |  |  |  | 23,994 |
Alcohol fuels tax credit |  |  | 573 |  |  |  | — |
State net operating loss carryforward |  |  | 3,236 |  |  |  | 2,338 |
Other items |  |  | 748 |  |  |  | 1,305 |
Valuation allowance |  |  | (1,891 | ) |  |  | (1,676 | )
Total |  |  | 35,013 |  |  |  | 27,798 |
Liabilities: |  |  |  |  |  |  |  |
Basis in pass through entities, including depreciation |  |  | (36,489 | ) |  |  | (29,068 | )
Other |  |  | (1,735 | ) |  |  | (282 | )
Total |  |  | (38,224 | ) |  |  | (29,350 | )
Net deferred tax liability |  | $ | (3,211 | ) |  | $ | (1,552 | )
The Company has approximately $23.6 million and $24.0 million of AMT credit carryforwards as of January 31, 2013 and 2012, respectively. The AMT credit carryforwards can be used to offset future regular income tax liabilities subject to certain limitations. The AMT credit carryforwards have no expiration date. The Company must generate approximately $157 million in future taxable income to fully utilize the AMT credit carryforward. If the Company is not able to generate sufficient taxable income in subsequent years to allow for the utilization of the deferred tax assets, the Company would need to provide a valuation allowance for such deferred tax assets, thus increasing income tax expense. The Company has a federal net operating loss carryforward of approximately $21.8 million which expires in fiscal year 2032. The Company has state net operating loss carryforwards of approximately $40.9 million, net of the federal benefit, which will begin to expire in fiscal year 2013. The Company has a valuation allowance of approximately $1,891,000 at January 31, 2013. The Company increased the valuation allowance by $215,000, $434,000 and $664,000 in fiscal years 2012 2011, and 2010, respectively. These adjustments to the valuation allowance are a result of estimates of realizing certain future state tax benefits. The Company paid income taxes of approximately $51,000, $1,550,000 and $1,310,000 in fiscal years 2012, 2011 and 2010, respectively. The Company received refunds of income taxes of approximately $1,005,000, $7,208,000 and $5,691,000 in fiscal years 2012, 2011 and 2010, respectively. The effective income tax rate on consolidated pre-tax loss or income differs from the federal income tax statutory rate for fiscal years 2012, 2011 and 2010 as follows:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Federal income tax at statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State and local taxes, net of federal tax benefit |  |  | 5.3 |  |  |  | 4.1 |  |  |  | 0.9 |
Net increase in valuation allowance |  |  | (4.7 | ) |  |  | 1.6 |  |  |  | 2.1 |
Domestic production activities deduction |  |  | — |  |  |  | (3.8 | ) |  |  | — |
Uncertain tax positions |  |  | (1.4 | ) |  |  | 0.2 |  |  |  | 0.3 |
Noncontrolling interest |  |  | 6.5 |  |  |  | (4.1 | ) |  |  | (2.3 | )
Other |  |  | 1.8 |  |  |  | 0.2 |  |  |  | (0.3 | )
Total |  |  | 42.5 | % |  |  | 33.2 | % |  |  | 35.7 | %
The Company files a U.S. federal income tax return and income tax returns in various states. In general, the Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for fiscal years ended January 31, 2009 and prior. The Company applies the provisions of ASC 740-10-25-5 for uncertain tax positions. As a result of the adoption of this accounting standard, the Company recorded a $287,000 decrease to retained earnings. As of January 31, 2013, total unrecognized tax benefits were $1,768,000, and accrued penalties and interest were $389,000. If the Company were to prevail on all unrecognized tax benefits recorded, approximately $82,000 of the reserve would benefit the effective tax rate. In addition, the impact of penalties and interest would also benefit the effective tax rate. Interest and penalties associated with unrecognized tax benefits are recorded within income tax expense. On a quarterly and annual basis, the Company accrues for the effects of open uncertain tax positions and the related potential penalties and interest. It is reasonably possible that the amount of the unrecognized tax benefit with respect to certain unrecognized tax positions will increase or decrease during the next 12 months; however, the Company does not expect the change to have a material effect on results of operations or financial position. A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows (dollars in thousands):
|  | Years Ended |
|  | January 31, |
|  | 2013 |  |  | 2012 |
Unrecognized tax benefits, beginning of year |  | $ | 2,484 |  |  | $ | 2,976 |
Changes for tax positions for prior years |  |  | (327 | ) |  |  | (492 | )
Changes for tax positions for current year |  |  | — |  |  |  | — |
Unrecognized tax benefits, end of year |  | $ | 2,157 |  |  | $ | 2,484 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -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. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -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. Reference 6: 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 Reference 7: 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 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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