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Income taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income taxes | Note 6 - Income taxes Income tax expense (benefit) for the years ended December 31, 2016, 2015 and 2014 was $6.6 million, $2.9 million and ($0.9 million), respectively. The income tax expense (benefit) for each of the years ended December 31, 2016, 2015 and 2014 was for federal and state income tax at statutory rates applied to the pre-tax income (loss) for each of the periods. The following summarizes the (benefit) / provision for income taxes:
Years Ended December 31, |  | 2016 |  | 2015 |  | 2014 |
(in thousands) |  |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,981 |  | $ | 174 |  | $ | 0 |
State and local |  |  | 567 |  |  | 2 |  |  | (49) |
|  |  | 5,548 |  |  | 176 |  |  | (49) |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  | 949 |  |  | 2,460 |  |  | (767) |
State and local |  |  | 131 |  |  | 308 |  |  | (90) |
|  |  | 1,080 |  |  | 2,768 |  |  | (857) |
Expense (benefit) for income taxes |  | $ | 6,628 |  | $ | 2,944 |  | $ | (906) |
Reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate is as follows:
Years ended December 31, |  | 2016 |  | 2015 |  | 2014 |
Income tax rates |  |  |  |  |  |  |  |  |  |
- Statutory U.S. federal rate |  |  | 35 | % |  | 34 | % |  | 34 | %
- States, net U.S. benefits |  |  | 3 | % |  | 4 | % |  | 4 | %
- Tax benefit from prior year |  |  | 0 | % |  | 0 | % |  | 18 | %
Total |  |  | 38 | % |  | 38 | % |  | 56 | %
As of December 31, 2016, the Company had NOL's of approximately $5.4 million expiring through 2023, all of which are subject to annual limitations of $1.3 million. Elements of deferred income tax assets (liabilities) are as follows:
December 31, |  | 2016 |  | 2015 |
(in thousands) |  |  |  |  |  |  |
Deferred tax assets (liabilities) |  |  |  |  |  |  |
- Depreciation & amortization |  | $ | (236) |  | $ | (412) |
- Reserves for doubtful accounts |  |  | 139 |  |  | 127 |
- Inventory reserve |  |  | 304 |  |  | 250 |
- Non qualified stock options |  |  | 247 |  |  | 108 |
- NOL |  |  | 2,078 |  |  | 3,430 |
- AMT credit carryforward |  |  | — |  |  | 160 |
Total |  | $ | 2,532 |  | $ | 3,663 |
As discussed above in Note 1, the Company elected to early adopt ASU 2015-17 prospectively in the fourth quarter of 2016. As a result, all deferred tax assets and liabilities have been presented as noncurrent on the consolidated balance sheet as of December 31, 2016. The Company considered its projected future taxable income, and associated annual limitations, in determining the amount of deferred tax assets to recognize. The Company believes that given the extended time period that it may recognize its deferred tax assets, it is more likely than not it will realize the benefit of these assets prior to their expiration.

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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=65882285&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=65882285&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=65882285&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=65882285&loc=d3e32537-109319 + Details
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