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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Note 9 – Income taxes: The provision for income taxes attributable to continuing operations, the difference between such provision for income taxes and the amount that would be expected using the U.S. federal statutory income tax rate of 35%, and the comprehensive provision for income taxes are presented below. All of our pre-tax income attributable to continuing operations relates to operations in the United States.
|  | Years ended December 31, |
|  | 2012 |  |  | 2013 |  |  | 2014 |
|  | (In thousands) |
Provision for income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Currently payable |  | $ | 1,633 |  |  | $ | 2,310 |  |  | $ | 4,544 |
Deferred income tax expense (benefit) |  |  | (218 | ) |  |  | 916 |  |  |  | 468 |
Total |  | $ | 1,415 |  |  | $ | 3,226 |  |  | $ | 5,012 |
Expected tax expense, at the U.S. federal statutory income tax rate of 35% |  | $ | 1,729 |  |  | $ | 3,234 |  |  | $ | 4,787 |
State income taxes and other, net |  |  | 173 |  |  |  | 294 |  |  |  | 627 |
Tax credits |  |  | (170 | ) |  |  | (200 | ) |  |  | (378 | )
Valuation allowance |  |  | (317 | ) |  |  | (102 | ) |  |  | (24 | )
Total |  | $ | 1,415 |  |  | $ | 3,226 |  |  | $ | 5,012 |
Comprehensive provision for income tax allocable to: |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations |  | $ | 1,415 |  |  | $ | 3,226 |  |  | $ | 5,012 |
Discontinued operations |  |  | 5,397 |  |  |  | - |  |  |  | - |
Total |  | $ | 6,812 |  |  | $ | 3,226 |  |  | $ | 5,012 |
The components of net deferred tax assets (liabilities) are summarized below.
|  | December 31, |
|  | 2013 |  |  | 2014 |
|  | (In thousands) |
Tax effect of temporary differences related to: |  |  |  |  |  |  |  |
Inventories |  | $ | 932 |  |  | $ | 835 |
Property and equipment |  |  | (4,348 | ) |  |  | (4,706 | )
Accrued liabilities and other deductible differences |  |  | 63 |  |  |  | 46 |
Accrued employee benefits |  |  | 1,513 |  |  |  | 1,577 |
Tax loss and credit carryforwards |  |  | 28 |  |  |  | 4 |
Goodwill |  |  | (2,559 | ) |  |  | (2,625 | )
Other taxable differences |  |  | (12 | ) |  |  | (7 | )
Valuation allowance |  |  | (24 | ) |  |  | - |
Total |  | $ | (4,407 | ) |  | $ | (4,876 | )
Net current deferred tax assets |  |  | 2,493 |  |  |  | 2,444 |
Net noncurrent deferred tax liabilities |  |  | (6,900 | ) |  |  | (7,320 | )
Total |  | $ | (4,407 | ) |  | $ | (4,876 | )
Our tax loss and credit carryforwards at December 31, 2014 relate to a U.S. federal research and development credit carryforward. At December 31, 2013, we concluded that the benefit associated with a portion of our U.S. state net operating loss did not meet the more-likely-than-not recognition criteria, accordingly we recognized a deferred income tax asset valuation allowance of $24,000 at December 31, 2013 with respect to such carryforwards. We utilized all of our state net operating losses in 2014, and consequently we reversed the remaining portion of our income tax valuation allowance. Our provision for income taxes attributable to continuing operations includes a benefit of $317,000 in 2012, $102,000 in 2013 and $24,000 in 2014 related to changes in such valuation allowance. We file income tax returns in U.S. federal and various state and local jurisdictions. Prior to 2012, we also filed income tax returns in various foreign jurisdictions, principally in Canada and Taiwan. Our domestic income tax returns prior to 2011 are generally considered closed to examination by applicable tax authorities.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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 Reference 5: 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 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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