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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

INCOME TAXES

Schedule of components of the provision for income taxes

Years ended December 31,		2016				2015				2014
(in thousands)
Current provision:
Federal		$	7,263			$	5,056			$	4,275
State			261				300				143
Deferred (benefit) provision:
Federal			(507	)			1,256				(762	)
State			(355	)			53				(43	)
Total income tax provision		$	6,662			$	6,665			$	3,613

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

Years ended December 31,		2016				2015				2014
Federal statutory rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal benefit			0.7				0.8				0.7
Research and experimentation credit			(1.0	)			(1.1	)			(2.1	)
Tax-exempt interest			(0.4	)			(0.4	)			(1.1	)
Tax-exempt gain on SERP assets			(1.3	)			(0.1	)			(0.5	)
Manufacturing deduction			(3.0	)			(2.5	)			(3.3	)
Change in valuation allowance			(1.4	)			—				—
Other			(0.1	)			—				0.1
Effective tax rate			28.5	%			31.7	%			28.8	%

Schedule of components of deferred tax assets and liabilities

December 31,		2016				2015
(in thousands)
Deferred tax assets:
Warranty costs		$	1,643			$	1,209
Sales incentives and discounts			725				547
Stock-based compensation			1,015				1,061
Pension			1,993				2,300
Uniform capitalization			298				96
All others			489				418
State credits and NOL’s			5,129				4,967
Valuation allowance			(4,525	)			(4,694	)
Total deferred tax assets			6,767				5,904
Deferred tax liabilities:
Depreciation and amortization expense			(1,103	)			(1,062	)
Basis differences in joint venture			(386	)			(504	)
Net deferred tax assets		$	5,278			$	4,338

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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=65882285&loc=d3e32639-109319

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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
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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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=65882285&loc=d3e32687-109319

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