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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2013
INCOME TAXES |
Schedule of components of the provision for income taxes |
Years ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
(in thousands) |  |  |  |  |  |  |  |  |
Current provision (benefit): |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,325 |  |  | $ | 3,146 |  |  | $ | 1,757 |
State |  |  | 99 |  |  |  | 94 |  |  |  | (14 | )
Deferred provision (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 57 |  |  |  | (493 | ) |  |  | (90 | )
State |  |  | 21 |  |  |  | (5 | ) |  |  | 14 |
Total income tax provision |  | $ | 2,502 |  |  | $ | 2,742 |  |  | $ | 1,667 |
Schedule of reconciliation between the federal statutory rate and Marine Products' effective tax rate |
Years ended December 31, |  | 2013 |  |  | 2012 |  |  | 2011 |
Federal statutory rate |  |  | 34.0 | % |  |  | 34.0 | % |  |  | 34.0 | %
State income taxes, net of federal benefit |  |  | 0.7 |  |  |  | 0.5 |  |  |  | 0.8 |
Research and experimentation credit |  |  | (4.9 | ) |  |  | — |  |  |  | (0.2 | )
Tax-exempt interest |  |  | (1.4 | ) |  |  | (2.3 | ) |  |  | (3.0 | )
Tax-exempt (gain) loss on SERP assets |  |  | (1.2 | ) |  |  | (0.6 | ) |  |  | 0.2 |
Tax-exempt gain – benefit plan financing |  |  | — |  |  |  | — |  |  |  | (8.4 | )
Manufacturing deduction |  |  | (2.7 | ) |  |  | (3.0 | ) |  |  | (2.0 | )
Change in valuation allowance |  |  | 0.2 |  |  |  | — |  |  |  | — |
Other |  |  | 0.2 |  |  |  | (0.4 | ) |  |  | (1.5 | )
Effective tax rate |  |  | 24.9 | % |  |  | 28.2 | % |  |  | 19.9 | %
Schedule of components of deferred tax assets and liabilities |
December 31, |  | 2013 |  |  | 2012 |
(in thousands) |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |
Warranty costs |  | $ | 1,211 |  |  | $ | 895 |
Sales incentives and discounts |  |  | 542 |  |  |  | 942 |
Stock-based compensation |  |  | 938 |  |  |  | 838 |
Pension |  |  | 1,919 |  |  |  | 2,212 |
All others |  |  | 268 |  |  |  | 331 |
State credits and NOL’s |  |  | 4,634 |  |  |  | 4,450 |
Valuation allowance |  |  | (4,359 | ) |  |  | (4,155 | )
Total deferred tax assets |  |  | 5,153 |  |  |  | 5,513 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | (880 | ) |  |  | (699 | )
Net deferred tax assets |  | $ | 4,273 |  |  | $ | 4,814 |

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- 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
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