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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Components of Income Tax Expense

The components of income tax expense are:

		2012				2011				2010
Current:
Federal		$	17,448			$	6,070			$	(615	)
State			2,528				1,275				61
Foreign			1,027				535				402
Deferred:
Federal			(590	)			4,691				4,389
State			(387	)			584				953
		$	20,026			$	13,155			$	5,190

Total Income Tax Expense Applying U.S.Federal Income Tax Rate

Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 35.0% to income before income tax expense as a result of the following:

		2012				2011				2010
Computed tax expense at statutory federal rates		$	19,911			$	12,328			$	5,660
Increase (decrease) in taxes resulting from:
State taxes, net of federal income tax benefit			1,947				1,374				742
Domestic production deduction			(1,661	)			(826	)			(345	)
Income tax credits			(395	)			(343	)			(315	)
Other expenses			224				622				(552	)
		$	20,026			$	13,155			$	5,190

Components of Income before Provision

The components of income before provision for income taxes are as follows:

		2012				2011				2010
Domestic		$	53,361			$	33,399			$	14,811
Foreign			3,491				1,824				1,363
		$	56,852			$	35,223			$	16,174

Deferred Tax Assets and Liability

Temporary differences between the financial statement carrying amounts and tax bases of assets and liabilities that give rise to significant portions of the net deferred tax liability at December 31, 2012 and 2011 relate to the following:

		2012				2011
Current:
Inventories		$	3,490			$	2,681
State income taxes			(431	)			(413	)
Vacation pay accrual			354				289
Accrued bonuses			2,289				1,445
Bad debt			192				78
Prepaid expenses			(1,490	)			(1,432	)
Other			473				769
Net deferred tax asset			4,877				3,417
Non-Current:
Plant and equipment, principally due to differences in depreciation and capitalized interest			(21,993	)			(20,653	)
NOL carryforward			—				244
Tax credit			73				—
Fair value adjustment			460				564
Other			2,297				1,256
Net deferred tax liability			(19,163	)			(18,589	)
Total net deferred tax liability		$	(14,286	)		$	(15,172	)

Gross Unrecognized Tax Liabilities

The following is a roll-forward of the Company’s total gross unrecognized tax liabilities, not including interest and penalties, for the fiscal year ended December 31, 2012:

		Gross Unrecognized Tax Liabilities
Balance at December 31, 2011		$	227
Additions for tax positions related to the current year			29
Additions for tax positions related to the prior year			26
Balance at December 31, 2012		$	282

X

- 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.

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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.

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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

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