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Income Taxes | 12 Months Ended
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Jun. 30, 2012
Income Taxes [Abstract] |
Income Taxes | Note 7—Income Taxes The sources of pretax income are as follows:
|  | Twelve Months Ended |
|  | June 30, 2012 |  |  | June 30, 2011 |  |  | June 30, 2010 |
|  | (In thousands) |
Domestic |  | $ | 27,346 |  |  | $ | 29,939 |  |  | $ | 4,417 |
Foreign |  |  | 3,144 |  |  |  | 677 |  |  |  | 2,993 |
Total |  | $ | 30,490 |  |  | $ | 30,616 |  |  | $ | 7,410 |
The components of the provision for income taxes are as follows:
|  | Twelve Months Ended |
|  | June 30, 2012 |  |  | June 30, 2011 |  |  | June 30, 2010 |
|  | (In thousands) |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 11,320 |  |  | $ | 6,104 |  |  | $ | 4,129 |
State |  |  | 1,129 |  |  |  | 1,086 |  |  |  | 641 |
Foreign |  |  | 762 |  |  |  | 604 |  |  |  | 1,226 |
|  |  | 13,211 |  |  |  | 7,794 |  |  |  | 5,996 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (151 | ) |  |  | 3,837 |  |  |  | (3,208 | )
State |  |  | 283 |  |  |  | 389 |  |  |  | (250 | )
Foreign |  |  | (41 | ) |  |  | (386 | ) |  |  | (4 | )
|  |  | 91 |  |  |  | 3,840 |  |  |  | (3,462 | )
|  | $ | 13,302 |  |  | $ | 11,634 |  |  | $ | 2,534 |
The difference between the expected income tax provision applying the domestic federal statutory tax rate and the reported income tax provision is as follows:
|  | Twelve Months Ended |
|  | June 30, 2012 |  |  | June 30, 2011 |  |  | June 30, 2010 |
|  | (In thousands) |
Expected provision for Federal income taxes at the statutory rate |  | $ | 10,670 |  |  | $ | 10,710 |  |  | $ | 2,519 |
State income taxes, net of Federal benefit |  |  | 970 |  |  |  | 1,095 |  |  |  | 268 |
Charges without tax benefit |  |  | 1,004 |  |  |  | 16 |  |  |  | 96 |
Change in valuation allowance |  |  | (544 | ) |  |  | — |  |  |  | — |
Cumulative non-deductible expenses |  |  | 2,139 |  |  |  | — |  |  |  | — |
IRC S199 deduction |  |  | (687 | ) |  |  | (187 | ) |  |  | (349 | )
Other |  |  | (250 | ) |  |  | — |  |  |  | — |
Provision for income taxes |  | $ | 13,302 |  |  | $ | 11,634 |  |  | $ | 2,534 |
The cumulative non-deductible expenses totaling $3.1 million related to deductibility limitations applying to certain items that had previously been fully deducted, of which $2.1 million was related to prior fiscal years (fiscal 2009 to fiscal 2011) and $1.0 million was for the current fiscal year. The amounts that apply to fiscal 2012 is included in the charges without tax benefit in the above table. Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | June 30, 2012 |  |  | June 30, 2011 |
|  | (In thousands) |
Deferred tax assets: |  |  |  |  |  |  |  |
Bad debt reserve |  | $ | 468 |  |  | $ | 558 |
Paid-time-off accrual |  |  | 520 |  |  |  | 429 |
Insurance reserve |  |  | 2,150 |  |  |  | 2,422 |
Legal reserve |  |  | 488 |  |  |  | 263 |
Net operating loss benefit and credit carryforwards |  |  | 3,788 |  |  |  | 4,102 |
Valuation allowance |  |  | (230 | ) |  |  | (774 | )
Accrued compensation and pension |  |  | 759 |  |  |  | 725 |
Stock compensation expense on nonvested deferred shares |  |  | 1,189 |  |  |  | 821 |
Accrued losses |  |  | 298 |  |  |  | 197 |
Other—net |  |  | 150 |  |  |  | 132 |
Total deferred tax assets |  |  | 9,580 |  |  |  | 8,875 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Tax over book depreciation |  |  | 8,512 |  |  |  | 7,872 |
Other—net |  |  | 1,119 |  |  |  | 1,185 |
Total deferred tax liabilities |  |  | 9,631 |  |  |  | 9,057 |
Net deferred tax (liability) |  | $ | (51 | ) |  | $ | (182 | )
As reported in the consolidated balance sheets:
|  | June 30, 2012 |  |  | June 30, 2011 |
|  | (In thousands) |
Current deferred tax assets |  | $ | 6,024 |  |  | $ | 5,607 |
Non-current deferred tax liabilities |  |  | (6,075 | ) |  |  | (5,789 | )
Net deferred tax (liability) |  | $ | (51 | ) |  | $ | (182 | )
The Company has state operating loss carryforwards, state investment tax credit carryforwards and federal foreign tax credit carryforwards of which a portion relates to an acquisition. The valuation allowance at June 30, 2012 and June 30, 2011 reduces the recognized tax benefit of these carryforwards to an amount that will more likely than not be realized. The carryforwards generally expire between 2017 and 2028. The $0.5 million change between June 30, 2011 and June 30, 2012 is the result of the release of the valuation allowance on foreign tax credit carryovers which have now been determined to be utilizable. In general, it is the practice and intention of the Company to reinvest the earnings of its Canadian subsidiaries in these operations. Such amounts become subject to United States taxation upon the remittance of dividends and under certain other circumstances. As of June 30, 2012, unremitted earnings of foreign subsidiaries, which have been or are intended to be permanently invested, aggregated to approximately $3.0 million. The amount of deferred tax liability related to investments in these foreign subsidiaries is $0.3 million. The Company files tax returns in several taxing jurisdictions in the United States and Canada. With few exceptions, the Company is no longer subject to examination by taxing authorities through fiscal 2007. At June 30, 2012, the Company updated its evaluation of its open tax years in all known jurisdictions. Based on this evaluation, the Company did not identify any uncertain tax positions.

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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 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
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