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Income Taxes (Tables) | 12 Months Ended
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May 31, 2014
Income Tax Disclosure [Abstract] |
Components of income (loss) before income tax provision | The components of income (loss) before income tax provision for the years ended May 31 are as follows:
| 2014 |  | 2013 |  | 2012
| (in thousands)
(Loss) income before tax provision: |  |  |  |  |
US | $ | 5,839 |  |  | $ | (2,670 | ) |  | $ | (5,151 | )
Non-US | 541 |  |  | 2,027 |  |  | (131 | )
| $ | 6,380 |  |  | $ | (643 | ) |  | $ | (5,282 | )
Summary of Income tax (benefit) provision analyzed by category | Income tax (benefit) provision analyzed by category and by statement of operations classification for the years ended May 31 is summarized as follows:
| 2014 |  | 2013 |  | 2012
| (in thousands)
Current |  |  |  |  |
Federal | $ | (133 | ) |  | $ | (1,622 | ) |  | $ | 448 |
State and local | 99 |  |  | (52 | ) |  | (19 | )
Non U.S. | 157 |  |  | 468 |  |  | 18 |
| 123 |  |  | (1,206 | ) |  | 447 |
Deferred | 3,169 |  |  | 1,175 |  |  | (635 | )
| $ | 3,292 |  |  | $ | (31 | ) |  | $ | (188 | )
Summary of significant components of deferred income tax (benefit) expense from operations | The significant components of deferred income tax (benefit) expense from operations for the years ended May 31 consist of the following:
| 2014 |  | 2013 |  | 2012
| (in thousands)
Deferred tax expense (benefit) | $ | 1,996 |  |  | $ | 1,175 |  |  | $ | (1,722 | )
Impact of NYS tax reform legislation | 1,173 |  |  | — |  |  | — |
Net operating loss carryforward | — |  |  | — |  |  | 1,087 |
| $ | 3,169 |  |  | $ | 1,175 |  |  | $ | (635 | )
Summary of deferred tax asset and liabilities | Temporary differences that give rise to deferred tax assets and liabilities are summarized as follows:
| May 31, 2014 |  | May 31, 2013
| (in thousands)
Deferred tax assets |  |  |
Net operating loss carryforward | $ | 48,331 |  |  | $ | 47,098 |
Stock-based compensation | 4,851 |  |  | 4,813 |
Federal and state R&D tax credit carryforward | 1,249 |  |  | 490 |
Inventories | 875 |  |  | 1,713 |
State tax credits | — |  |  | 1,326 |
Expenses incurred not currently deductible | 1,379 |  |  | 880 |
Capital loss carryforwards | — |  |  | 95 |
Deferred revenue | 154 |  |  | 1,147 |
Gross deferred tax asset | 56,839 |  |  | 57,562 |
Deferred tax liabilities |  |  |
Excess tax over book depreciation and amortization | 42,061 |  |  | 39,252 |
Impairment of long-lived assets | — |  |  | — |
| 42,061 |  |  | 39,252 |
Valuation Allowance | (1,532 | ) |  | (712 | )
Net deferred tax asset | $ | 13,246 |  |  | $ | 17,598 |
Summary of Income tax rate reconciliation | Our consolidated income tax provision has differed from the amount that would be provided by applying the U.S. Federal statutory income tax rate to our income before income taxes for the following reasons:
| 2014 |  | 2013 |  | 2012
| (in thousands)
Income tax (benefit) provision | $ | 3,292 |  |  | $ | (31 | ) |  | $ | (188 | )
Effect of Graduated tax rates | 64 |  |  | (6 | ) |  | (53 | )
State income taxes, net of Federal tax benefit | (122 | ) |  | (88 | ) |  | (158 | )
State income tax credits, net of Federal tax benefit | — |  |  | 23 |  |  | 69 |
Impact of Non US operations | 27 |  |  | 228 |  |  | (46 | )
Tax-exempt interest | — |  |  | 2 |  |  | 4 |
Research and development tax credit | 236 |  |  | 142 |  |  | 115 |
Domestic Production Activities deduction | — |  |  | — |  |  | 71 |
Nondeductible acquisition costs | — |  |  | (110 | ) |  | (1,144 | )
Nondeductible interest on contingent payments | (540 | ) |  | (130 | ) |  | — |
Nontaxable gain on revaluation of contingent consideration liability | 1,698 |  |  | — |  |  | — |
Tax law change | (1,173 | ) |  | — |  |  | — |
Effect of elimination of ASC 718 APIC pool | (440 | ) |  | — |  |  | — |
Nondeductible stock-based compensation | (176 | ) |  | (108 | ) |  | (125 | )
Other nondeductible expenses | (384 | ) |  | (336 | ) |  | (336 | )
Overaccrual (underaccrual) of prior year Federal and state taxes | (249 | ) |  | 10 |  |  | 138 |
Fully reserved capital losses | — |  |  | 179 |  |  | (208 | )
Other | — |  |  | — |  |  | 12 |
Income tax (benefit) provision at statutory tax rate of 35% | $ | 2,233 |  |  | $ | (225 | ) |  | $ | (1,849 | )

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- Definition 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 Reference 1: 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 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: 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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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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