XML 47 R17.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Provision For Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2012
Provision For Income Taxes [Abstract] |
Provision For Income Taxes | Note 10 – PROVISION FOR INCOME TAXES The provision for income taxes consists of the following:
|  | For the Six Months Ended |  |
|  | June 30, |  |
|  | 2012 |  |  | 2011 |  |
Current: |  |  |  |  |  |  |
Federal |  | $ | 1,680,072 |  |  | $ | 1,173,349 |  |
State and local |  |  | 625,759 |  |  |  | 656,067 |  |
Total current |  |  | 2,305,831 |  |  |  | 1,829,416 |  |
Deferred |  |  | (480,311) |  |  |  | (156,040) |  |
Provision for income taxes |  | $ | 1,825,520 |  |  | $ | 1,673,376 |  |
A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:
|  | For the Six Months Ended June 30, |
|  | 2012 |  |  | 2011 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
Federal income tax expense computed at the statutory rate |  | $ | 1,689,676 |  |  |  | 34.0% |  |  | $ | 1,313,994 |  |  |  | 34.0% |
State and local tax expense, net |  |  | 413,001 |  |  |  | 8.3% |  |  |  | 367,146 |  |  |  | 9.5% |
Permanent differences |  |  | (277,157) |  |  |  | (5.6)% |  |  |  | (73,711 | ) |  |  | (1.9)% |
Change in tax estimate |  |  | 0 |  |  |  | 0.0% |  |  |  | 65,947 |  |  |  | 1.7% |
Provision for income taxes |  | $ | 1,825,520 |  |  |  | 36.7% |  |  | $ | 1,673,376 |  |  |  | 43.3% |
Amounts for deferred tax assets and liabilities are as follows:
|  | June 30, |  |  | December 31, |
|  | 2012 |  |  | 2011 |  |  | 2011 |
Non-current deferred tax assets (liabilities) arising from: |  |  |  |  |  |  |  |  |
Temporary differences - |  |  |  |  |  |  |  |  |
Accumulated depreciation and amortization from purchase accounting adjustments |  | $ | (3,408,516 | ) |  | $ | (3,601,105 | ) |  | $ | (3,671,285 | )
Capital loss carry-forwards |  |  | 167,690 |  |  |  | 271,568 |  |  |  | 167,690 |
Total non-current net deferred tax liabilities |  |  | (3,240,826 | ) |  |  | (3,329,537) |  |  |  | (3,503,595 | )
Current deferred tax assets arising from: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized losses (gain) on investments |  |  | (21,407) |  |  |  | 12,377 |  |  |  | 6,890 |
Impairment of investments |  |  | 0 |  |  |  | 0 |  |  |  | 15,673 |
Inventory |  |  | 242,200 |  |  |  | 250,297 |  |  |  | 220,408 |
Allowance for doubtful accounts and discounts |  |  | 200,098 |  |  |  | 131,702 |  |  |  | 4,350 |
Allowance for promotions |  |  | 0 |  |  |  | 0 |  |  |  |  |
Capital loss carry-back |  |  | 91,369 |  |  |  | 0 |  |  |  | 91,369 |
Total current deferred tax assets |  |  | 512,260 |  |  |  | 394,376 |  |  |  | 338,690 |
Net deferred tax liability |  | $ | (2,728,566 | ) |  | $ | (2,935,161 | ) |  | $ | (3,164,905 | )

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 Reference 7: 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 Reference 8: 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=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration