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Note 12 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		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

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(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	)

Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block]

(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

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		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%	)

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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+ References

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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

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