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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES [Abstract]

Components of Income Tax Expense

Components of Income Tax Expense
In thousands	For the Year Ended December 31,
State income taxes	2017					2016				2015
Current		$	489			$	1,050			$	499
Deferred			1,368				860				1,299
Total state income tax expense		$	1,857			$	1,910			$	1,798
	For the Year Ended December 31,
Federal income taxes			2017				2016				2015
Current		$	(1,418	)		$	1,799			$	2,168
Deferred			6,856				4,622				3,818
Total federal income tax expense		$	5,438			$	6,421			$	5,986

Reconciliation of Effective Tax Rate

Reconciliation of effective tax rate:
	For the Year Ended December 31,
In thousands	2017				2017				2016				2016				2015				2015
	Amount				Percent				Amount				Percent				Amount				Percent
Reconciliation of effective tax rate
Income before federal and state income taxes		$	21,278				100.0	%		$	21,285				100.0	%		$	19,088				100.0	%
Amount computed at statutory rate			7,234				34.0	%			7,237				34.0	%			6,490				34.0	%
Reconciling items
State income tax-net of federal tax benefit			1,297				6.1	%			1,327				6.2	%			1,214				6.4	%
Federal rate change			(957	)			(4.5	%)			--				--				--				--
Other			(279	)			(1.3	)%			(233	)			(1.1	)%			80				0.4	%
Total income tax expense and effective rate		$	7,295				34.3	%		$	8,331				39.1	%		$	7,784				40.8	%

Deferred Income Taxes

Deferred income taxes at December 31, 2017, 2016, and 2015 were comprised of the following:

		For the Year Ended December 31,
In thousands		2017				2016				2015
Deferred tax assets related to:
Federal alternative minimum tax credit carry-forwards		$	-			$	2,474			$	3,971
Federal and state operating loss carry-forwards			1,094				752				675
Bad debt allowance			80				104				110
Valuation allowance			(360	)			(286	)			(182	)
Stock options			207				452				415
Other			161				320				291
Total deferred tax assets		$	1,182			$	3,816			$	5,280
Deferred tax liabilities related to:
Property plant and equipment basis differences		$	(52,629	)		$	(70,711	)		$	(66,508	)
Bond retirement costs			(1,437	)			0				0
Uncertain tax position			(145	)			(80	)			(247	)
Expenses of rate proceedings			(8	)			(19	)			(213	)
Property taxes			(500	)			(663	)			(527	)
Other			(600	)			(796	)			(756	)
Total deferred tax liabilities		$	(55,319	)		$	(72,269	)		$	(68,251	)
Net deferred tax liability		$	(54,137	)		$	(68,453	)		$	(62,971	)

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, 2017 Valuation allowance for deferred tax assets		$	286			$	74				—			$	360
For the Year Ended December 31, 2016 Valuation allowance for deferred tax assets		$	182			$	104				—			$	286
For the Year Ended December 31, 2015 Valuation allowance for deferred tax assets		$	65			$	117				—			$	182

Schedule of Unrecognized Tax Benefits Roll Forward

The following table provides the changes in the Company's uncertain tax position:

		For the years ended December 31,
In thousands		2017				2016
Balance at beginning of year		$	80			$	247
Additions based on tax positions related to the current year			118				23
Additions based on tax positions related to prior years			8				11
Reductions for tax positions of prior years			-				(201	)
Settlements			-				-
Federal tax rate change			(61	)
Lapses in Statutes of Limitations			-				-
Balance at end of year		$	145			$	80

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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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