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Income Taxes | 12 Months Ended
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Jun. 30, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The sources of pretax income are as follows:
|  | Twelve Months Ended
|  | June 30, 2014 |  | June 30, 2013 |  | June 30, 2012
|  | (In thousands)
Domestic |  | $ | 60,129 |  |  | $ | 37,876 |  |  | $ | 27,346 |
Foreign |  | (3,318 | ) |  | (1,960 | ) |  | 3,144 |
Total |  | $ | 56,811 |  |  | $ | 35,916 |  |  | $ | 30,490 |
The components of the provision for income taxes are as follows:
|  | Twelve Months Ended
|  | June 30, 2014 |  | June 30, 2013 |  | June 30, 2012
|  | (In thousands)
Current: |  |  |  |  |  |
Federal |  | $ | 19,870 |  |  | $ | 8,260 |  |  | $ | 11,320 |
State |  | 3,117 |  |  | 1,268 |  |  | 1,129 |
Foreign |  | 613 |  |  | 449 |  |  | 762 |
|  | 23,600 |  |  | 9,977 |  |  | 13,211 |
Deferred: |  |  |  |  |  |
Federal |  | (3,951 | ) |  | 1,801 |  |  | (151 | )
State |  | (51 | ) |  | 126 |  |  | 283 |
Foreign |  | 336 |  |  | 4 |  |  | (41 | )
|  | (3,666 | ) |  | 1,931 |  |  | 91 |
|  | $ | 19,934 |  |  | $ | 11,908 |  |  | $ | 13,302 |
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, 2014 |  | June 30, 2013 |  | June 30, 2012
|  | (In thousands)
Expected provision for Federal income taxes at the statutory rate |  | $ | 19,887 |  |  | $ | 12,570 |  |  | $ | 10,670 |
State income taxes, net of Federal benefit |  | 2,275 |  |  | 1,252 |  |  | 970 |
Charges without tax benefit |  | 1,405 |  |  | 1,231 |  |  | 1,004 |
Change in valuation allowance |  | — |  |  | (140 | ) |  | (544 | )
Cumulative non-deductible expenses |  | — |  |  | — |  |  | 2,139 |
IRC S199 deduction |  | (1,546 | ) |  | (844 | ) |  | (687 | )
Research & Development Credit |  | (1,793 | ) |  | (1,450 | ) |  | — |
Foreign tax differential |  | (182 | ) |  | (160 | ) |  | — |
Other |  | (112 | ) |  | (551 | ) |  | (250 | )
Provision for income taxes |  | $ | 19,934 |  |  | $ | 11,908 |  |  | $ | 13,302 |
Significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | June 30, 2014 |  | June 30, 2013
|  | (In thousands)
Deferred tax assets: |  |  |  |
Warranty reserve |  | $ | 234 |  |  | $ | — |
Bad debt reserve |  | 80 |  |  | 310 |
Paid-time-off accrual |  | 712 |  |  | 602 |
Insurance reserve |  | 2,519 |  |  | 2,227 |
Legal reserve |  | 356 |  |  | 462 |
Net operating loss benefit and credit carryforwards |  | 4,061 |  |  | 3,885 |
Valuation allowance |  | (90 | ) |  | (90 | )
Accrued compensation and pension |  | 2,187 |  |  | 850 |
Stock compensation expense on nonvested deferred shares |  | 1,969 |  |  | 943 |
Accrued losses |  | 1,488 |  |  | 232 |
Other—net |  | 314 |  |  | 204 |
Total deferred tax assets |  | 13,830 |  |  | 9,625 |
Deferred tax liabilities: |  |  |  |
Tax over book depreciation |  | 8,537 |  |  | 9,064 |
Tax over book amortization |  | 1,903 |  |  | 1,137 |
Prepaid insurance |  | 2,104 |  |  | 1,217 |
Other—net |  | 459 |  |  | — |
Total deferred tax liabilities |  | 13,003 |  |  | 11,418 |
Net deferred tax asset (liability) |  | $ | 827 |  |  | $ | (1,793 | )
As reported in the consolidated balance sheets:
|  | June 30, 2014 |  | June 30, 2013
|  | (In thousands)
Current deferred tax assets |  | $ | 5,994 |  |  | $ | 5,657 |
Non-current deferred tax liabilities |  | (5,167 | ) |  | (7,450 | )
Net deferred tax asset (liability) |  | $ | 827 |  |  | $ | (1,793 | )
The Company has state net operating loss carryforwards, state tax credit carryforwards, federal foreign tax credit carryforwards, foreign net operating loss carryforwards and foreign tax credit carryforwards. The valuation allowance at June 30, 2014 and June 30, 2013 reduces the recognized tax benefit of these carryforwards to an amount that is more likely than not to be realized. These carryforwards will generally expire as shown below:
Item | Expiration Period
State net operating losses | June 2023 to June 2030
State tax credits | No expiration
Federal foreign tax credits | June 2016 to June 2024
Foreign net operating losses | June 2027 to June 2034
Foreign tax credits | June 2033
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, 2014, unremitted earnings of foreign subsidiaries, which have been or are intended to be permanently invested, aggregated to approximately $5.1 million. We anticipate that any deferred tax liability related to the investment in these foreign subsidiaries could be offset by foreign tax credits. 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 2008. At June 30, 2014, the Company updated its evaluation of its open tax years in all known jurisdictions. Based on this evaluation, the Company did not identify any material 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 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=26873400&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 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 Reference 6: 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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