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Income taxes | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Note 10 - Income taxes | The provision for income taxes consists of the following:
|  | For the Years Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 1,888 |  |  | $ | 2,143 |  |  | $ | 2,552 |
State and local |  |  | 717 |  |  |  | 819 |  |  |  | 554 |
Total current |  |  | 2,605 |  |  |  | 2,962 |  |  |  | 3,106 |
Deferred |  |  | (585 | ) |  |  | (720 | ) |  |  | (239 | )
Provision for income taxes |  | $ | 2,020 |  |  | $ | 2,242 |  |  | $ | 2,867 |
A reconciliation of the U.S. federal statutory rate to the effective tax rate used in the provision for income taxes is as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
|  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |  |  | Amount |  |  | Percentage |
Federal income tax expense computed at the statutory rate |  | $ | 1,357 |  |  |  | 34.0 | % |  | $ | 1,428 |  |  |  | 34.0 | % |  | $ | 2,666 |  |  |  | 34.0 | %
State and local tax expense, net |  |  | 337 |  |  |  | 8.4 | % |  |  | 215 |  |  |  | 5.1 | % |  |  | 745 |  |  |  | 9.5 | %
U.S. domestic manufacturers' deduction & other permanent differences |  |  | 300 |  |  |  | 7.5 | % |  |  | 464 |  |  |  | 11.0 | % |  |  | (455 | ) |  |  | (5.8 | )%
Additions for tax positions of prior years |  |  | 50 |  |  |  | 1.3 | % |  |  | 215 |  |  |  | 5.1 | % |  |  | 0 |  |  |  | 0 | %
Change in tax rates |  |  | -- |  |  |  | 0 | % |  |  | (138 | ) |  |  | (3.2 | )% |  |  | 0 |  |  |  | 0 | %
Change in tax estimate |  |  | (24 | ) |  |  | (0.6 | )% |  |  | 58 |  |  |  | 1.4 | % |  |  | (89 | ) |  |  | (1.1 | )%
Provision for income taxes |  | $ | 2,020 |  |  |  | 50.6 | % |  | $ | 2,242 |  |  |  | 53.4 | % |  | $ | 2,867 |  |  |  | 36.6 | %
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Balance at January 1 |  | $ | 215 |  |  | $ | -- |  |  | $ | -- |
Additions for tax positions of prior years |  |  | 50 |  |  |  | 215 |  |  |  | -- |
Balance at December 31 |  | $ | 265 |  |  | $ | 215 |  |  | $ | -- |
The Company recognizes interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. The amount of interest and penalties recognized in the consolidated statements of income and comprehensive income was approximately $--, $65, and $-during 2015, 2014 and 2013 respectively. The amount of interest and penalties recognized in the consolidated balance sheets was approximately $65 at December 31, 2015 and 2014, respectively. Amounts for deferred tax assets and liabilities are as follows:
|  | December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Non-current deferred tax assets (liabilities) arising from: |  |  |  |  |  |  |  |  |
Accumulated depreciation and amortization |  | $ | (1,719 | ) |  | $ | (2,074 | ) |  | $ | (2,896 | )
Capital loss carry-forwards |  |  | -- |  |  |  | -- |  |  |  | 53 |
Total non-current net deferred tax liabilities |  |  | (1,719 | ) |  |  | (2,074 | ) |  |  | (2,843 | )
Current deferred tax assets arising from: |  |  |  |  |  |  |  |  |  |  |  |
Capital loss carry-forward & investment impairment |  |  | 164 |  |  |  | 9 |  |  |  | -- |
Unrealized losses (gain) on investments |  |  | 45 |  |  |  | 127 |  |  |  | (8 | )
Inventory |  |  | 308 |  |  |  | 233 |  |  |  | 308 |
Allowances for doubtful accounts and discounts |  |  | 39 |  |  |  | 39 |  |  |  | 22 |
Total current deferred tax assets |  |  | 556 |  |  |  | 408 |  |  |  | 322 |
Net deferred tax liability |  | $ | (1,163 | ) |  | $ | (1,666 | ) |  | $ | (2,521 | )

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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=6907707&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=6907707&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=6907707&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=6907707&loc=d3e32537-109319 + Details
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