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Provision For Income Taxes (Tables) | 9 Months Ended
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Sep. 30, 2014
Provision For Income Taxes Tables |
Summary Of The Provision For Income Taxes | The provision for income taxes consists of the following:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |
Federal |  | $ | 1,697,412 |  |  | $ | 2,892,620 |
State and local |  |  | 593,429 |  |  |  | 597,526 |
Total current |  |  | 2,290,841 |  |  |  | 3,490,146 |
Deferred |  |  | (783,607 | ) |  |  | (231,218 | )
Provision for income taxes |  | $ | 1,507,234 |  |  | $ | 3,258,928 |
Reconciliation Of The Provision For Income Taxes At Statutory Rate | A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:
|  | For the Nine Months Ended |
|  | September 30, |
|  | 2014 |  |  | 2013 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
Federal income tax expense computed at the statutory rate |  | $ | 1,457,752 |  |  |  | 34.0% |  |  | $ | 2,964,268 |  |  |  | 34.0% |
State and local tax expense, net |  |  | 268,827 |  |  |  | 6.3% |  |  |  | 828,251 |  |  |  | 9.5% |
U.S. domestic manufacturers’ deduction & other permanent differences |  |  | (311,715 | ) |  |  | (7.3)% |  |  |  | (444,711 | ) |  |  | (5.1)% |
Change in tax estimate |  |  | 92,370 |  |  |  | 2.2% |  |  |  | (88,880 | ) |  |  | (1.0)% |
Provision for income taxes |  | $ | 1,507,234 |  |  |  | 35.2% |  |  | $ | 3,258,928 |  |  |  | 37.4% |
Schedule Of Deferred Tax Assets And Liabilities | Amounts for deferred tax assets and liabilities are as follows:
|  | September 30, |  |  | December 31, |
|  | 2014 |  |  | 2013 |  |  | 2013 |
Non-current deferred tax assets (liabilities) arising from: Temporary differences - |  |  |  |  |  |  |  |  |
Accumulated depreciation and amortization |  |  |  |  |  |  |  |  |
from purchase accounting adjustments |  | $ | (2,098,017 | ) |  | $ | (3,002,058 | ) |  | $ | (2,896,058 | )
Capital loss carry-forwards |  |  | 32,796 |  |  |  | 84,845 |  |  |  | 52,632 |
Total non-current net deferred tax liabilities |  |  | (2,065,221 | ) |  |  | (2,917,213 | ) |  |  | (2,843,426 | )
Current deferred tax assets arising from: |  |  |  |  |  |  |  |  |  |  |  |
Unrealized losses (gain) on investments |  |  | 25,704 |  |  |  | (1,583 | ) |  |  | (7,589 | )
Inventory |  |  | 294,791 |  |  |  | 374,110 |  |  |  | 307,910 |
Allowance for doubtful accounts and discounts |  |  | 40,270 |  |  |  | 21,750 |  |  |  | 21,750 |
Total current deferred tax assets |  |  | 360,765 |  |  |  | 394,277 |  |  |  | 322,071 |
Net deferred tax liability |  | $ | (1,704,456 | ) |  | $ | (2,522,936 | ) |  | $ | (2,521,355 | )

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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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