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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure

Schedule of components of the provision for income taxes

Years ended December 31,		2012				2011				2010
(in thousands)
Current provision (benefit):
Federal		$	3,146			$	1,757			$	989
State			94				(14	)			182
Deferred provision (benefit):
Federal			(493	)			(90	)			165
State			(5	)			14				(297	)
Total income tax provision		$	2,742			$	1,667			$	1,039

Schedule of reconciliation between the federal statutory rate and Marine Products' effective tax rate

Years ended December 31,		2012				2011				2010
Federal statutory rate			34.0	%			34.0	%			34.0	%
State income taxes, net of federal benefit			0.5				0.8				1.4
Tax-exempt interest			(2.3	)			(3.0	)			(6.6	)
Tax-exempt (gain) loss on SERP assets			(0.6	)			0.2				—
Tax-exempt gain – benefit plan financing			—				(8.4	)			—
Manufacturing deduction			(3.0	)			(2.0	)			(3.2	)
Change in state credits			—				—				(10.5	)
Change in valuation allowance			—				—				4.5
Other			(0.4	)			(1.7	)			1.6
Effective tax rate			28.2	%			19.9	%			21.2	%

Schedule of components of deferred tax assets and liabilities

December 31,		2012				2011
(in thousands)
Deferred tax assets:
Warranty costs		$	895			$	701
Sales incentives and discounts			942				750
Stock-based compensation			838				755
Pension			2,212				2,242
All others			331				267
State credits and NOL’s			4,450				4,099
Valuation allowance			(4,155	)			(3,783	)
Total deferred tax assets			5,513				5,031
Deferred tax liabilities:
Depreciation and amortization expense			(699	)			(673	)
Net deferred tax assets		$	4,814			$	4,358

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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.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

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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.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

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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.

+ 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

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