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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Consolidated Income (loss) Before Income Taxes

The consolidated income before income taxes for 2014, 2013 and 2012 consists of the following (in thousands):

		2014			2013			2012
Domestic		$	98,246		$	77,465		$	48,533
Foreign			216			158			130
Total income before income taxes		$	98,462		$	77,623		$	48,663

Consolidated Income Tax Expense (benefit)

The consolidated income tax expense for 2014, 2013 and 2012 consists of the following components (in thousands):

		2014			2013			2012
Current
Federal		$	19,036		$	197		$	-
State			1,805			717			174
Foreign			118			130			141
		$	20,959		$	1,044		$	315
Deferred
Federal		$	12,913		$	26,753		$	(46,378)
State			3,778			3,412			(10,871)
Foreign			(118)			(115)			(34)
		$	16,573		$	30,050		$	(57,283)
Total consolidated expense (benefit)		$	37,532		$	31,094		$	(56,968)

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):

		2014			2013			2012
Pretax book income		$	98,462		$	77,623		$	48,663
Federal tax expense at 35% statutory rate			34,462			27,168			17,032
State and local income taxes			4,808			3,870			2,619
Foreign tax rate differential			(206)			(41)			(14)
Benefit of domestic production deduction			(2,010)			-			-
Reversal of income tax valuation allowance against net deferred tax assets			-			-			(59,887)
Utilization of valuation allowance for net operating losses and credit carrryforwards - U.S. and states			(132)			-			(19,528)
Other			610			97			2,810
Total income tax expense (benefit)		$	37,532		$	31,094		$	(56,968)

Components of Deferred Tax Assets and Deferred Tax Liabilities

The components of deferred tax assets and deferred tax liabilities as of December 31, 2014 and 2013 were as follows (in thousands):

		2014			2013
Deferred tax assets
Tax credits and loss carryforwards		$	2,550		$	7,452
Accrued liabilities			6,882			6,964
Incentive compensation			17,171			16,621
Other			5,551			4,736
		$	32,154		$	35,773
Deferred tax liabilities
Property, plant and equipment			(2,858)			(295)
Intangibles			(5,565)			(4,993)
Prepaid assets			(638)			(690)
Convertible note discount			(5,117)			(6,585)
Other			(2,025)			(29)
		$	(16,203)		$	(12,592)
Net deferred tax asset before valuation allowances and reserves		$	15,951		$	23,181
Valuation allowances			(1,307)			(1,438)
Net deferred tax asset		$	14,644		$	21,743

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, 2014 are included in either Other Noncurrent Liabilities or Current Deferred Income Taxes in the Company’s Consolidated Balance Sheet:

Balance at January 1, 2013		$	10,980
Decrease in prior year tax positions			(9)
Balance at December 31, 2013		$	10,971
Decrease in prior year tax positions			(323)
Balance at December 31, 2014		$	10,648

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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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