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INCOME TAXES | 12 Months Ended
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Dec. 31, 2012
INCOME TAXES | 6. INCOME TAXES Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands):
|  | 2012 |  |  | 2011 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 37,721 |  |  | $ | 37,149 |
|  |  | 37,721 |  |  |  | 37,149 |
Deferred tax assets: |  |  |  |  |  |  |  |
Employee benefits |  |  | 588 |  |  |  | 409 |
Uncompleted contracts |  |  | 3,472 |  |  |  | 17 |
Stock based compensation expense |  |  | 126 |  |  |  | 216 |
Allowance for uncollectible accounts |  |  | 5,107 |  |  |  | — |
Federal net operating loss |  |  | 3,608 |  |  |  | 9,292 |
Other |  |  | 138 |  |  |  | 223 |
Total deferred tax assets: |  |  | 13,039 |  |  |  | 10,157 |
Net deferred tax liabilities: |  | $ | 24,682 |  |  | $ | 26,992 |
Our federal net operating loss generated during our 2011 tax year can be carried back two years or carried forward twenty years. We expect to utilize $17.6 million of this federal net operating loss in 2012 and carry $9.6 million forward to utilize in future years. Significant components of income tax expense for the years ended December 31 were as follows (in thousands):
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | 4,496 |
State |  |  | 534 |  |  |  | 239 |  |  |  | 406 |
Total current |  |  | 534 |  |  |  | 239 |  |  |  | 4,902 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,749 | ) |  |  | (828 | ) |  |  | 3,085 |
State |  |  | (99 | ) |  |  | (55 | ) |  |  | 279 |
Total deferred |  |  | (1,848 | ) |  |  | (883 | ) |  |  | 3,364 |
Income taxes |  | $ | (1,314 | ) |  | $ | (644 | ) |  | $ | 8,266 |
A reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax expense for the years ended December 31 is as follows (in thousands):
|  | 2012 |  |  | % |  |  | 2011 |  |  | % |  |  | 2010 |  |  | % |
U.S. statutory rate |  | $ | (1,892 | ) |  |  | 35.0 | % |  | $ | (857 | ) |  |  | 35.0 | % |  | $ | 7,476 |  |  |  | 35.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
State income taxes |  |  | 783 |  |  |  | (14.5 | ) |  |  | 289 |  |  |  | (11.8 | ) |  |  | 893 |  |  |  | 4.2 |
Qualified Production Activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income—Deduction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (205 | ) |  |  | (1.0 | )
Federal Work Opportunity Tax Credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  | (205 | ) |  |  | 3.8 |  |  |  | (76 | ) |  |  | 3.1 |  |  |  | 102 |  |  |  | 0.5 |
Income tax expense |  | $ | (1,314 | ) |  |  | 24.3 | % |  | $ | (644 | ) |  |  | 26.3 | % |  | $ | 8,266 |  |  |  | 38.7 | %

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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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