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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Consolidated Income (loss) Before Income Taxes

The consolidated income before income taxes for 2013, 2012 and 2011 consists of the following (in thousands):

		2013			2012			2011
Domestic		$	77,465		$	48,533		$	15,213
Foreign			158			130			-
Total income before income taxes		$	77,623		$	48,663		$	15,213

Consolidated Income Tax Expense (benefit)

The consolidated income tax expense for 2013, 2012 and 2011 consists of the following components (in thousands):

		2013			2012			2011
Current
Federal		$	197		$	-		$	14
State			717			174			157
Foreign			130			141			-
		$	1,044		$	315		$	171
Deferred
Federal		$	26,753		$	(46,378)		$	-
State			3,412			(10,871)			-
Foreign			(115)			(34)			-
		$	30,050		$	(57,283)		$	-
Total consolidated expense (benefit)		$	31,094		$	(56,968)		$	171

Reconciliation of Differences From The U.S. Federal Statutory Rate

The Company’s following table provides a reconciliation of differences from the U.S. Federal statutory rate of 35% as follows (in thousands):

		2013			2012			2011
Pretax book income		$	77,623		$	48,663		$	15,213
Federal tax expense at 35% statutory rate			27,168			17,032			5,325
State and local income taxes			3,870			2,619			917
Foreign tax rate differential			(41)			(14)			-
Reversal of income tax valuation allowance against net deferred     tax assets			-			(59,887)			-
(Utilization of) Provisions for valuation allowance for net operating     losses and credit carrryforwards - U.S. and states			-			(19,528)			(6,060)
Other			97			2,810			(11)
Total income tax expense (benefit)		$	31,094		$	(56,968)		$	171

Components of Deferred Tax Assets and Deferred Tax Liabilities

The components of deferred tax assets and deferred tax liabilities as of December 31, 2013 and 2012 were as follows (in thousands):

		2013			2012
Deferred tax assets
Tax credits and loss carryforwards		$	18,779		$	51,811
Accrued liabilities			6,964			6,816
Incentive compensation			16,621			12,913
Other			4,736			6,897
		$	47,100		$	78,437
Deferred tax liabilities
Property, plant and equipment			(295)			(163)
Intangibles			(4,993)			(4,026)
Prepaid assets			(690)			(1,160)
Convertible note discount			(6,585)			(7,846)
Other			(29)			(231)
		$	(12,592)		$	(13,426)
Net deferred tax asset before valuation allowances and reserves		$	34,508		$	65,011
Valuation allowances			(1,438)			(1,852)
Net deferred tax asset		$	33,070		$	63,159

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 (in thousands) and all balances as of December 31, 2013 are included in Other Noncurrent Liabilities in the Company’s consolidated Balance Sheet:

Balance at January 1, 2012		$	10,095
Increase in prior year tax positions			885
Balance at December 31, 2012		$	10,980
Decrease in prior year tax positions			(9)
Balance at December 31, 2013		$	10,971

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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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