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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Components of Income Tax (Benefit) Expense

The components of income tax (benefit) expense are:

		2015				2014				2013
Current:
Federal		$	573			$	(4,256	)		$	12,285
State			417				251				3,007
Foreign			991				934				1,101
Deferred:
Federal			(319	)			3,492				2,213
State			347				(872	)			310
		$	2,009			$	(451	)		$	18,916

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:

		2015				2014				2013
Computed tax expense at statutory federal rates		$	3,010			$	1,536			$	18,678
Increase (decrease) in taxes resulting from:
State taxes, net of federal income tax benefit			454				(11	)			1,983
Domestic production deduction			(179	)			420				(1,142	)
Income tax credits			(662	)			(728	)			(724	)
Foreign tax rate differential			(1,590	)			(2,159	)			(1,459	)
Subpart F income			9				338				—
Equity Investment			223				10				345
Stock Based Compensation			244				219				461
State Tax Rate Change			185				(257	)			83
Unrecognized tax benefits			168				32				419
Foreign Tax Gross Up			83				10				24
Meals and Entertainment			73				76				103
Other expenses			(9	)			63				145
		$	2,009			$	(451	)		$	18,916

Components of Income before Provision

Income before provision for income taxes and losses on equity investment are:

		2015				2014				2013
Domestic		$	1,589			$	(5,196	)		$	46,520
Foreign			7,373				8,840				7,314
		$	8,962			$	3,644			$	53,834

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, 2015 and 2014 relate to the following:

		2015				2014
Current:
Inventories		$	5,949			$	5,558
State income taxes			(215	)			(633	)
Vacation pay accrual			796				776
Accrued bonuses			543				95
Bad debt			45				45
Prepaid expenses			(1,157	)			(1,314	)
Stock compensation			1,781				2,446
Other			359				1,758
Net deferred tax asset		$	8,101			$	8,731
Non-Current:
Plant and equipment, principally due to differences in depreciation and capitalized interest		$	(30,038	)		$	(28,365	)
NOL Carryforward			658				361
Tax credit			524				319
Other			1,300				(474	)
Net deferred tax liability			(27,556	)			(28,159	)
Total net deferred tax liability		$	(19,455	)		$	(19,428	)

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 years ended December 31, 2015 and 2014:

		2015				2014
Balance at beginning of year		$	1,958			$	1,692
Additions for tax positions related to the current year			85				140
Additions for tax positions related to the prior year			86				499
Deletion for tax positions related to the prior year			(122	)			(373	)
Balance at end of year		$	2,007			$	1,958

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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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Tabular disclosure of the change in unrecognized tax benefits.

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-URI http://asc.fasb.org/extlink&oid=51663037&loc=d3e36027-109320

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