XML 31 R28.htm IDEA: XBRL DOCUMENT v2.4.1.9

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Components of Income Tax Expense

Components of Income Tax Expense
In thousands	For the Year Ended December 31,
State income taxes	2014					2013				2012
Current		$	173			$	526			$	145
Deferred			1,231				706				1,312
Total state income tax expense		$	1,404			$	1,232			$	1,457
	For the Year Ended December 31,
Federal income taxes			2014				2013				2012
Current		$	(1,073	)		$	1,199			$	1,795
Deferred			6,044				3,157				3,364
Total federal income tax expense		$	4,971			$	4,356			$	5,159

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:
	For the Year Ended December 31,
In thousands	2014				2014				2013				2013				2012				2012
	Amount				Percent				Amount				Percent				Amount				Percent
Reconciliation of effective tax Rate
Income before federal and state income taxes		$	15,881				100.0			$	13,890				100.0			$	16,460				100.0
Amount computed at statutory rate			5,400				34.0				4,722				34.0				5,596				34.0
Reconciling items
State income tax-net of federal tax benefit			918				5.8				804				5.8				952				5.8
Other			57				0.3				62				0.4				68				0.4
Total income tax expense and effective rate		$	6,375				40.1			$	5,588				40.2			$	6,616				40.2

Deferred Income Taxes

Deferred income taxes at December 31, 2014, 2013, and 2012 were comprised of the following:

		For the Year Ended December 31,
In thousands		2014				2013				2012
Deferred tax assets related to:
Federal alternative minimum tax credit carry-forwards		$	5,459			$	4,643			$	5,031
Federal and state operating loss carry-forwards			1,045				544				481
Bad debt allowance			99				88				96
Valuation allowance			(65	)			(61	)			(57	)
Stock options			397				343				294
Other			269				264				326
Total deferred tax assets		$	7,204			$	5,821			$	6,171
Deferred tax liabilities related to:
Property plant and equipment basis differences		$	(63,427	)		$	(55,066	)		$	(51,687	)
Uncertain tax position			(179	)			-				-
Expenses of rate proceedings			(214	)			(86	)			(53	)
Property taxes			(505	)			(592	)			(496	)
Other			(734	)			(657	)			(651	)
Total deferred tax liabilities		$	(65,059	)		$	(56,401	)		$	(52,887	)
Net deferred tax liability		$	(57,855	)		$	(50,580	)		$	(46,716	)
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		$	(812	)		$	(838	)		$	(837	)
Non-current deferred tax liability			(57,043	)			(49,742	)			(45,879	)
Net deferred tax liability		$	(57,855	)		$	(50,580	)		$	(46,716	)

Schedule of Valuation Allowance

Schedule of Valuation Allowance
	Balance at Beginning of Period				Additions Charged to Costs and Expenses				Deductions				Balance at End of Period
In thousands
Classification
For the Year Ended December 31, 2014 Valuation allowance for deferred tax assets		$	61			$	4				—			$	65
For the Year Ended December 31, 2013 Valuation allowance for deferred tax assets		$	57			$	4				—			$	61
For the Year Ended December 31, 2012 Valuation allowance for deferred tax assets		$	53			$	4				—			$	57

Schedule of Unrecognized Tax Benefits Roll Forward

The following table provides the changes in the Company's unrecognized tax benefits:
		For the year ended December 31, 2014
In thousands		Tax				Interest				Penalty
Balance at beginning of year
Additions based on tax positions related to the current year		$	179				-				-
Additions based on tax positions related to prior years			-				-				-
Reductions for tax positions of prior years			-				-				-
Settlements			-				-				-
Lapses in Statutes of Limitations			-				-				-
Balance at end of year		$	179			$	0			$	0

X

- Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

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

Reference 1: 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

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: 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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 55

-Paragraph 217

-URI http://asc.fasb.org/extlink&oid=32707879&loc=d3e36027-109320



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 15A

-URI http://asc.fasb.org/extlink&oid=6907707&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Valuation Allowance

-URI http://asc.fasb.org/extlink&oid=6528051

+ Details

Name:	us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration