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INCOME TAXES | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
INCOME TAXES | 10. INCOME TAXES The income tax provision consists of the following (in thousands):
|  |  | 2012 |  |  | 2011 |
Current: | Federal |  | $ | 15,390 |  |  | $ | 4,398 |
| State |  |  | 1,509 |  |  |  | 2,247 |
|  |  |  | 16,899 |  |  |  | 6,645 |
Deferred: | Federal |  |  | (1,712 | ) |  |  | (3,131 | )
| State |  |  | (12 | ) |  |  | (274 | )
|  |  |  | (1,724 | ) |  |  | (3,405 | )
|  |  | $ | 15,175 |  |  | $ | 3,240 |
A reconciliation of the income tax provision relative to continuing operations with amounts determined by applying the statutory U.S. Federal income tax rate of 35% to consolidated income before income taxes is as follows (in thousands):
|  | 2012 |  |  | 2011 |
Tax provision at U.S. statutory rate |  | $ | 15,053 |  |  | $ | 1,898 |
State taxes, net of federal benefit |  |  | 1,067 |  |  |  | 1,290 |
Other (benefit) |  |  | (945 | ) |  |  | 52 |
|  | $ | 15,175 |  |  | $ | 3,240 |
At December 31, 2012 and 2011, our deferred tax assets (liabilities) consist of the following (in thousands):
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |
Deferred compensation |  | $ | 1,713 |  |  | $ | 1,162 |
Depreciation of fixed assets |  |  | 595 |  |  |  | 886 |
Intangible assets and amortization |  |  | 591 |  |  |  | 388 |
Acquisition fees |  |  | -- |  |  |  | 283 |
Notes receivable |  |  | -- |  |  |  | 258 |
Interest in partnerships |  |  | -- |  |  |  | 203 |
Accrued expenses |  |  | 933 |  |  |  | -- |
Chip and token liability |  |  | 93 |  |  |  | -- |
Allowance for doubtful accounts |  |  | 150 |  |  |  | -- |
Other |  |  | 531 |  |  |  | 28 |
|  |  | 4,606 |  |  |  | 3,208 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Amortization of gaming rights and unrealized gain on tribal receivables |  |  | -- |  |  |  | (936 | )
Prepaid expenses |  |  | (1,310 | ) |  |  | (667 | )
Interest in partnerships |  |  | (176 | ) |  |  | -- |
Federal liability due to expected prepayment from amended Michigan modified business tax returns |  |  | -- |  |  |  | (152 | )
Allowance for doubtful accounts |  |  | -- |  |  |  | (56 | )
|  |  | (1,486 | ) |  |  | (1,811 | )
|  | $ | 3,120 |  |  | $ | 1,397 |
Management has made an annual analysis of its state and federal tax returns that remain subject to examination by major authorities (presently consisting of tax years 2009 through 2011) and concluded that we have no recordable liability as of December 31, 2012 or 2011, for unrecognized tax benefits as a result of uncertain tax positions taken. In November 2010, we were notified by the Department of Treasury’s Internal Revenue Service (IRS) of their initial conclusion regarding their audit of GEM for the 2009 tax year. Effective January 10, 2012 the IRS audit of GEM was completed and GEM received a ‘No Adjustments Letter’ from the IRS, which stated there are no proposed adjustments to the 2009 returns. As part of the IRS audit, we amended our 2010 Federal tax return to reflect an amount due related to cumulative accrued interest income. The tax liability was $0.5 million, 50% of which was a liability of RAM. We made a payment of $0.2 million to the IRS which reduced our deferred tax liability and had no impact on net income.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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