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Note 10 - Income Taxes | 12 Months Ended
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Oct. 03, 2015
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | (10) Income Taxes The components of the provision for income taxes are as follows:
|  | Year Ended |
|  | October 3, |  |  | September 27, |  |  | September 28, |
(Dollars in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 10,149 |  |  | $ | 8,196 |  |  | $ | 2,124 |
State |  |  | 772 |  |  |  | 330 |  |  |  | 257 |
|  |  | 10,921 |  |  |  | 8,526 |  |  |  | 2,381 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 222 |  |  |  | (323 | ) |  |  | 3,571 |
State |  |  | 111 |  |  |  | 364 |  |  |  | 310 |
|  |  | 333 |  |  |  | 41 |  |  |  | 3,881 |
Income taxes |  | $ | 11,254 |  |  | $ | 8,567 |  |  | $ | 6,262 |
Effective income tax rate |  |  | 34.1 | % |  |  | 34.0 | % |  |  | 34.8 | %
The reconciliation between income taxes computed at the federal statutory rate and the provision for income taxes is as follows:
|  | Year Ended |
(Dollars in thousands) |  | October 3, 2015 |  |  | September 27, 2014 |  |  | September 28, 2013 |
Provision for income taxes at federal statutory rate |  | $ | 11,537 |  |  |  | 35.0 | % |  | $ | 8,823 |  |  |  | 35.0 | % |  | $ | 6,299 |  |  |  | 35.0 | %
Qualified production activities deduction |  |  | (1,005 | ) |  |  | (3.0 | ) |  |  | (755 | ) |  |  | (3.0 | ) |  |  | (165 | ) |  |  | (0.9 | )
Valuation allowance |  |  | (55 | ) |  |  | (0.2 | ) |  |  | (183 | ) |  |  | (0.7 | ) |  |  | 51 |  |  |  | 0.3 |
State income taxes, net of federal tax benefit |  |  | 612 |  |  |  | 1.9 |  |  |  | 577 |  |  |  | 2.3 |  |  |  | 479 |  |  |  | 2.7 |
Nondeductible stock option expense |  |  | 28 |  |  |  | 0.0 |  |  |  | 30 |  |  |  | 0.1 |  |  |  | (51 | ) |  |  | (0.3 | )
Other, net |  |  | 137 |  |  |  | 0.4 |  |  |  | 75 |  |  |  | 0.3 |  |  |  | (351 | ) |  |  | (2.0 | )
Provision for income taxes |  | $ | 11,254 |  |  |  | 34.1 | % |  | $ | 8,567 |  |  |  | 34.0 | % |  | $ | 6,262 |  |  |  | 34.8 | %
The components of deferred tax assets and liabilities are as follows:
|  | October 3, |  |  | September 27, |
(In thousands) |  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Defined benefit plans |  | $ | 3,755 |  |  | $ | 3,419 |
Accrued expenses and asset reserves |  |  | 2,596 |  |  |  | 2,782 |
Stock-based compensation |  |  | 2,054 |  |  |  | 1,804 |
State net operating loss carryforwards and tax credits |  |  | 658 |  |  |  | 908 |
Goodwill, amortizable for tax purposes |  |  | 559 |  |  |  | 870 |
Valuation allowance |  |  | (492 | ) |  |  | (547 | )
Deferred tax assets |  |  | 9,130 |  |  |  | 9,236 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Plant and equipment |  |  | (12,285 | ) |  |  | (12,654 | )
Prepaid insurance and other reserves |  |  | (1,410 | ) |  |  | (1,032 | )
Deferred tax liabilities |  |  | (13,695 | ) |  |  | (13,686 | )
Net deferred tax liability |  | $ | (4,565 | ) |  | $ | (4,450 | )
As of October 3, 2015, the Company recorded a current deferred tax asset (net of valuation allowance) of $1.5 million on its consolidated balance sheet in other current assets and a non-current deferred tax liability (net of valuation allowance) of $6.1 million in other liabilities. As of September 27, 2014, the Company recorded a current deferred tax asset (net of valuation allowance) of $2.1 million in other current assets and a non-current deferred tax liability (net of valuation allowance) of $6.6 million in other liabilities. The Company has $9.3 million of state operating loss carryforwards that begin to expire in 2017, but principally expire between 2017 and 2031. The Company has also recorded deferred tax assets for various state tax credits of $178,000, which will begin to expire in 2016 and principally expire between 2016 and 2020. The realization of the Company’s deferred tax assets is entirely dependent upon the Company’s ability to generate future taxable income in applicable jurisdictions. GAAP requires that the Company periodically assess the need to establish a valuation allowance against its deferred tax assets to the extent the Company no longer believes it is more likely than not that they will be fully utilized. As of October 3, 2015, the Company had recorded a valuation allowance of $492,000 pertaining to various state NOLs and tax credits that were not expected to be utilized. The valuation allowance established by the Company is subject to periodic review and adjustment based on changes in facts and circumstances and would be reduced should the Company utilize the state net operating loss carryforwards against which an allowance had previously been provided or determine that such utilization is more likely than not. The $55,000 decrease in the valuation allowance during 2015 is primarily due to reduced state income tax rates. As of October 3, 2015, the Company has no material, known tax exposures that require the establishment of contingency reserves for uncertain tax positions. The Company classifies interest and penalties related to unrecognized tax benefits as part of income tax expense. There were no interest and penalties related to unrecognized tax benefits incurred during 2015, 2014 and 2013. The Company files U.S. federal income tax returns as well as state and local income tax returns in various jurisdictions. Federal and various state tax returns filed by the Company subsequent to 2010 remain subject to examination together with certain state tax returns filed by the Company subsequent to 2003.

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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 Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: 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 Reference 3: 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 4: 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 5: 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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