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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Components of Income Tax (Benefit) Expense

The components of income tax (benefit) expense are:

		2014				2013				2012
Current:
Federal		$	(4,256	)		$	12,285			$	17,448
State			251				3,007				2,528
Foreign			934				1,101				1,027
Deferred:
Federal			3,492				2,213				(590	)
State			(872	)			310				(387	)
		$	(451	)		$	18,916			$	20,026

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:

		2014				2013				2012
Computed tax expense at statutory federal rates		$	1,536			$	18,678			$	19,911
Increase (decrease) in taxes resulting from:
State taxes, net of federal income tax benefit			(11	)			1,983				1,947
Domestic production deduction			420				(1,142	)			(1,661	)
Income tax credits			(728	)			(724	)			(395	)
Foreign tax rate differential			(2,159	)			(1,459	)			(195	)
Subpart F income			338				—				87
Other expenses			153				1,580				332
		$	(451	)		$	18,916			$	20,026

Components of Income before Provision

The components of income before provision for income tax expense (benefit) are as follows:

		2014				2013				2012
Domestic		$	(5,196	)		$	46,520			$	53,361
Foreign			8,840				7,314				3,491
		$	3,644			$	53,834			$	56,852

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, 2014 and 2013 relate to the following:

		2014				2013
Current:
Inventories		$	5,558			$	4,398
State income taxes			(633	)			(331	)
Vacation pay accrual			776				648
Accrued bonuses			95				1,791
Bad debt			45				169
Prepaid expenses			(1,314	)			(1,929	)
Stock compensation			2,446				1,281
Other			1,758				494
Net deferred tax asset		$	8,731			$	6,521
Non-Current:
Plant and equipment, principally due to differences in depreciation and capitalized interest		$	(28,365	)		$	(25,662	)
NOL Carryforward			361				—
Tax credit			319				14
Fair value adjustment			—				207
Other			(474	)			2,111
Net deferred tax liability			(28,159	)			(23,330	)
Total net deferred tax liability		$	(19,428	)		$	(16,809	)

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, 2014:

		2014				2013
		Gross Unrecognized Tax Liabilities				Gross Unrecognized Tax Liabilities
Balance at December 31, 2013		$	1,692			$	282
Additions for tax positions related to the current year			140				1,290
Additions for tax positions related to the prior year			499				161
Deletion for tax positions related to the prior year			(373	)			(41	)
Balance at December 31, 2014		$	1,958			$	1,692

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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