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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of provision for income taxes

Components of the provision for income taxes are as follows:

	2014				2013				2012
Current:
Federal - US	$	1,875,000			$	2,540,000			$	3,633,000
Federal - Foreign	453,000				171,000				227,000
State and local	42,000				44,000				96,000
	2,370,000				2,755,000				3,956,000
Deferred:
Federal	2,423,000				496,000				10,000
Federal- Foreign	(29,000		)		(240,000		)		—
State and local	127,000				23,000				—
	2,521,000				279,000				10,000
Provision for income taxes	$	4,891,000			$	3,034,000			$	3,966,000

Reconciliation of income tax provision

A reconciliation of the income tax provision based on the federal statutory income tax rate of 34% to the Company's income tax provision for the years ended December 31 is as follows:

	2014				2013				2012
Provision at federal statutory rate - US	$	4,938,000			$	3,366,000			$	4,133,000
Effect of Mexican tax law change	—				(240,000		)		—
Effect of foreign taxes	(115,000		)		(192,000		)		(169,000		)
Disqualified stock options	(84,000		)		—				—
State and local tax expense, net of federal benefit	170,000				44,000				59,000
Other	(18,000		)		56,000				(57,000		)
Provision for income taxes	$	4,891,000			$	3,034,000			$	3,966,000

Components of deferred tax assets

Deferred tax assets consist of the following at December 31:

	2014				2013
Current asset (liability):
Accrued liabilities	$	808,000			$	742,000
Accounts receivable	484,000				400,000
Inventory	680,000				576,000
Other, net	(104,000		)		(103,000		)
Total current asset	1,868,000				1,615,000
Non-current asset (liability):
Property, plant, and equipment	(4,273,000		)		(2,030,000		)
Post retirement benefits	3,419,000				2,554,000
Other, net	(511,000		)		(228,000		)
Total non-current asset (liability)	(1,365,000		)		296,000
Total deferred tax asset - net	$	503,000			$	1,911,000

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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

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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=6907707&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=6907707&loc=d3e32687-109319

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