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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The consolidated income (loss) before income taxes for 2016, 2015 and 2014 consists of the following (in thousands):

		2016			2015			2014
Domestic		$	185,042		$	163,325		$	98,246
Foreign			375			(14)			216
Total income before income taxes		$	185,417		$	163,311		$	98,462

Schedule of Components of Income Tax Expense (Benefit)

The consolidated income tax expense for 2016, 2015 and 2014 consists of the following components (in thousands):

		2016			2015			2014
Current
Federal		$	51,489		$	58,090		$	19,036
State			10,307			8,627			1,805
Foreign			144			54			118
		$	61,940		$	66,771		$	20,959
Deferred
Federal		$	3,448		$	(7,930)		$	12,913
State			686			288			3,778
Foreign			(90)			(107)			(118)
		$	4,044		$	(7,749)		$	16,573
Total consolidated expense		$	65,984		$	59,022		$	37,532

Schedule of Effective Income Tax Rate Reconciliation

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

		2016			2015			2014
Pretax book income		$	185,417		$	163,311		$	98,462
Federal tax expense at 35% statutory rate			64,896			57,159			34,462
State and local income taxes			7,145			6,190			4,808
Benefit of domestic production deduction			(5,065)			(5,255)			(2,010)
Other			(992)			928			272
Total income tax expense		$	65,984		$	59,022		$	37,532

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liabilities as of December 31, 2016 and 2015 were as follows (in thousands):

		2016			2015
Deferred tax assets
Tax credits and loss carryforwards		$	260		$	563
Accrued liabilities			9,852			9,211
Incentive compensation			21,206			24,682
Other			4,084			3,909
		$	35,402		$	38,365
Deferred tax liabilities
Property, plant and equipment			(5,823)			(4,000)
Intangibles			(5,299)			(5,325)
Prepaid assets			(689)			(697)
Convertible note discount			(715)			(3,234)
Other			(1,860)			(1,658)
		$	(14,386)		$	(14,914)
Net deferred tax asset before valuation allowances and reserves		$	21,016		$	23,451
Valuation allowances			(1,172)			(1,159)
Net deferred tax asset		$	19,844		$	22,292

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows (in thousands) and all balances as of December 31, 2016 were included in either Other Noncurrent Liabilities or Deferred Income Taxes in the Company’s Consolidated Balance Sheet:

Balance at January 1, 2015		$	10,648
Decrease in prior year tax positions			(23)
Balance at December 31, 2015		$	10,625
Decrease in prior year tax positions			-
Balance at December 31, 2016		$	10,625

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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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.

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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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