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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

INCOME TAXES [Abstract]

Components of Income Tax Expense

Components of Income Tax Expense
In thousands	For the Year Ended December 31,
State income taxes		2012				2011				2010
Current		$	145			$	106			$	127
Deferred			1,312				994				984
Total state income tax expense		$	1,457			$	1,100			$	1,111
	For the Year Ended December 31,
Federal income taxes			2012				2011				2010
Current		$	1,795			$	---			$	823
Deferred			3,364				3,554				3,148
Total federal income tax expense		$	5,159			$	3,554			$	3,971

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:
	For the Year Ended December 31,
In thousands		2012		2012		2011		2011		2010		2010
		Amount		Percent		Amount		Percent		Amount		Percent
Reconciliation of effective tax Rate
Income before federal and state income taxes	$	16,460	%	100.0	$	11,401	%	100.0	$	12,702	%	100.0
Amount computed at statutory rate		5,596		34.0		3,876		34.0		4,319		34.0
Reconciling items
State income tax-net of federal tax benefit		952		5.8		711		6.2		726		5.7
Other		68		0.4		67		0.6		37		0.3
Total income tax expense and effective rate	$	6,616	%	40.2	$	4,654	%	40.8	$	5,082	%	40.0

Deferred Income Taxes

Deferred income taxes at December 31, 2012, 2011, and 2010 were comprised of the following:

		For the Year Ended December 31,
In thousands		2012				2011				2010
Deferred tax assets related to:
Federal alternative minimum tax credit carry-forwards		$	5,031			$	3,688			$	3,775
Federal and state operating loss carry-forwards			481				3,077				2,521
Bad debt allowance			96				127				132
Valuation allowance			(57	)			(53	)			(45	)
Stock options			294				251				---
Other			326				344				196
Total deferred tax assets		$	6,171			$	7,434			$	6,579
Deferred tax liabilities related to:
Property plant and equipment basis differences		$	(51,687	)		$	(48,681	)		$	(43,767	)
Expenses of rate proceedings			(53	)			(144	)			(18	)
Property taxes			(496	)			(494	)			(470	)
Other			(651	)			(619	)			(341	)
Total deferred tax liabilities		$	(52,887	)		$	(49,938	)		$	(44,596	)
Net deferred tax liability		$	(46,716	)		$	(42,504	)		$	(38,017	)
Deferred taxes, which are classified into a net current and non-current balance, are presented in the balance sheet as follows:
Current deferred tax liability		$	(837	)		$	(772	)		$	(459	)
Non-current deferred tax liability			(45,879	)			(41,732	)			(37,558	)
Net deferred tax liability		$	(46,716	)		$	(42,504	)		$	(38,017	)

Schedule of Valuation Allowance

Schedule of Valuation Allowance
		Additions
	Balance at Beginning Of Period	Charged to Costs and Expenses	Deductions	Balance at End of Period
In thousands
Classification
For the Year Ended December 31, 2012 Valuation allowance for deferred tax assets	$53	$4	---	$57
For the Year Ended December 31, 2011 Valuation allowance for deferred tax assets	$45	$8	---	$53
For the Year Ended December 31, 2010 Valuation allowance for deferred tax assets	$37	$8	---	$45

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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.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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