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Note 6 - Income Taxes
 9 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 6: Income Taxes


For the three month and nine month periods ended September 30, 2015, the Company’s recorded income tax expense of $420,000 and $1.1 million respectively. This compares to income tax benefit of approximately $16.8 million for the three month and nine month periods ended September 30, 2014. The Company began to recognize income tax expense in the quarter ended December 31, 2014 after the reversal of its deferred tax asset valuation allowance. In the third quarter of fiscal year 2014, the Company released 96.7% of its valuation allowance previously recorded on its net deferred tax assets which resulted in a $16.8 million credit to income tax expense, partially offset by the current income tax expense for the year. The Company maintains a valuation allowance of $572,000 related to a capital loss carry forward of $1.5 million which it may not be able to utilize prior to the expiration date of the tax benefit.


Deferred tax assets decreased $1.0 million from $14.9 million at December 31, 2014 to $13.9 million at September 30, 2015. This decrease was primarily due to deferred taxes being applied to the tax liability on current year taxable income.


The Company will continue to evaluate its ability to realize its net deferred tax asset. If future evidence suggests that it is more likely than not that a portion of the deferred tax asset will not be realized, the valuation allowance may be increased.