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Note 12 - Income Taxes | 12 Months Ended
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Dec. 31, 2016
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
12. | Income Taxes:
The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows:
|  | As of December 31, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,563 |  |  | $ | (149 | ) |  | $ | 4,859 |
State and local |  |  | 929 |  |  |  | (752 | ) |  |  | 657 |
|  |  | 3,492 |  |  |  | (901 | ) |  |  | 5,516 |
Deferred |  |  | (1,994 | ) |  |  | (5,916 | ) |  |  | (2,566 | )
Income tax provision (benefit) |  | $ | 1,498 |  |  | $ | (6,817 | ) |  | $ | 2,950 |
The components of the Company’s deferred income taxes at December 31 are as follows:
(in thousands) |  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventory (excluding LIFO reserve) |  | $ | 2,531 |  |  | $ | 2,986 |
Net operating loss and tax credit carryforwards |  |  | 3,224 |  |  |  | 2,926 |
Allowance for doubtful accounts |  |  | 533 |  |  |  | 500 |
Accrued expenses |  |  | 7,228 |  |  |  | 7,311 |
Other |  |  | 169 |  |  |  | 143 |
|  |  | 13,685 |  |  |  | 13,866 |
Valuation reserve |  |  | (2,017 | ) |  |  | (1,030 | )
Total deferred tax assets |  |  | 11,668 |  |  |  | 12,836 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
LIFO reserve |  |  | (5,874 | ) |  |  | (6,018 | )
Property and equipment |  |  | (19,846 | ) |  |  | (22,535 | )
Intangibles |  |  | (9,067 | ) |  |  | (9,396 | )
Total deferred tax liabilities |  |  | (34,787 | ) |  |  | (37,949 | )
Deferred tax liabilities, net |  | $ | (23,119 | ) |  | $ | (25,113 | )
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2014 |
Balance as of January 1 |  | $ | 38 |  |  | $ | 58 |  |  | $ | 75 |
Decreases related to prior year tax positions |  |  | - |  |  |  | (20 | ) |  |  | (17 | )
Increases related to current year tax positions |  |  | 13 |  |  |  | 13 |  |  |  | 13 |
Decreases related to lapsing of statute of limitations |  |  | (13 | ) |  |  | (13 | ) |  |  | (13 | )
Balance as of December 31 |  | $ | 38 |  |  | $ | 38 |  |  | $ | 58 |
It is expected that the amount of unrecognized tax benefits will not materially change in the next twelve months. The tax years 2013 through 2015 remain open to examination by major taxing jurisdictions to which the Company is subject. The Company recognized interest related to uncertain tax positions in income tax expense. The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate:
|  | 2016 |  |  | 2015 |  |  | 2014 |
U.S. federal statutory rate |  |  | 35.0% |  |  |  | 35.0% |  |  |  | 35.0% |
State and local taxes, net of federal benefit |  |  | 11.8% |  |  |  | 1.4% |  |  |  | (1.6% | )
Valuation allowance |  |  | 205.4% |  |  |  | 0.0% |  |  |  | 0.0% |
Goodwill impairment |  |  | 0.0% |  |  |  | (17.1% | ) |  |  | (51.8% | )
All other, net |  |  | 104.4% |  |  |  | 1.0% |  |  |  | 0.1% |
Effective income tax rate |  |  | 356.6% |  |  |  | 20.3% |  |  |  | (18.3% | )
The Company's effective tax rate is disproportionately high in 2016 from comparative periods due to low income before taxes relative to items that impact the effective tax rate. Other differences reflect permanent differences of $0.8 million offset by credits and manufacturing deductions of $0.3 million. During 2016, the Company recorded a valuation allowance of $0.9 million to reduce certain state deferred tax assets to the amount that is more likely than not to be realized. Income taxes paid in 2016, 2015 and 2014 totaled $1.0 million, $0.6 million and $4.7 million, respectively. Some subsidiaries of the Company’s consolidated group file state tax returns on a separate company basis and have state net operating loss carryforwards expiring over the next seven to 20 years. A valuation allowance is recorded to reduce certain deferred tax assets to the amount that is more likely than not to be realized.

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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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