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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Income Tax Expense (Benefit)

The components of the income tax expense from continuing operations are as follows:

		2014			2013			2012
Current
Federal		$	10,282,000		$	11,682,000		$	10,380,000
State			96,000			(202,000)			132,000
Total Current			10,378,000			11,480,000			10,512,000
Deferred
Federal			176,000			365,000			(528,000)
State			206,000			63,000			(70,000)
Foreign			(96,000)			-			-
Total Deferred			286,000			428,000			(598,000)
Total Income Tax Expense from Continuing Operations		$	10,664,000		$	11,908,000		$	9,914,000

Schedule of Components Of Total Income Tax Provision

The total tax provision for the years ended December 31, 2014, 2013, and 2012 was $4.9 million, $10.0 million, $7.4 million, respectively. Those amounts have been allocated to the following financial statement items:

 

		2014			2013			2012
Income from continuing operations		$	10,664,000		$	11,908,000		$	9,914,000
Loss from discontinued operations			(5,302,000)			(1,690,000)			(1,332,000)
Stockholders' equity, unrealized gain (loss) on investment securities			(182,000)			143,000			83,000
Additional paid in capital, share-based compensation tax benefit			(275,000)			(383,000)			(1,265,000)
Total Income Tax Expense		$	4,905,000		$	9,978,000		$	7,400,000

Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) consisted of the following at December 31,

		2014			2013			2012
Reserves on inventory and sales		$	291,000		$	332,000		$	336,000
Credit and loss carryforwards			699,000			413,000			692,000
Stock compensation			1,283,000			896,000			-
Accrued expenses and deferred costs			3,170,000			1,260,000			690,000
Inventory capitalization			142,000			337,000			526,000
Sales tax accrual			8,000			337,000			1,228,000
Total deferred tax assets			5,593,000			3,575,000			3,472,000
Unrealized gain/loss on investments			(294,000)			(476,000)			(333,000)
Prepaid expenses			(779,000)			(710,000)			(752,000)
Depreciation			(6,285,000)			(7,091,000)			(7,729,000)
Stock compensation			-			-			(105,000)
Total deferred tax liabilities			(7,358,000)			(8,277,000)			(8,919,000)
Net deferred tax liabilities		$	(1,765,000)		$	(4,702,000)		$	(5,447,000)

Statutory Tax Rate and Effective Tax Rate

The differences between the United States federal statutory tax rate and the Company's effective tax rate are as follows:

		2014					2013					2012
Statutory federal tax		$	11,093,000		35.0	%	$	13,665,000		35.0	%	$	9,925,000		35.0	%
State income taxes, net of federal benefit			314,000		1.0	%		393,000		1.0	%		736,000		2.6	%
Foreign Taxes			73,000		0.2	%		-		0.0	%		-		0.0	%
Domestic manufacturer deduction			(811,000)		-2.6	%		(979,000)		-2.5	%		(902,000)		-3.2	%
FTC settlement			-		0.0	%		-		0.0	%		1,389,000		4.9	%
Other permanent differences			200,000		0.6	%		173,000		0.4	%		(190,000)		-0.7	%
Research and development and jobs credits			(203,000)		-0.6	%		(459,000)		-1.2	%		(267,000)		-0.9	%
Other state income tax benefits			(113,000)		-0.4	%		(707,000)		-1.8	%		(686,000)		-2.4	%
Other			111,000		0.4	%		(178,000)		-0.4	%		(91,000)		-0.3	%
		$	10,664,000		33.6	%	$	11,908,000		30.5	%	$	9,914,000		35.0	%

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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.

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