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INCOME TAXES | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Our provision for income taxes for 2017 was impacted by the Tax Cuts and Jobs Act enactment in December 2017 and our adoption of Accounting Standards Update (ASU) 2016-09, Improvements to Share-Based Payment Accounting, on January 1, 2017. As of December 31, 2017, we have not completed our accounting for the tax effects of the Tax Cuts and Jobs Act. In accordance with SAB 118, we have recorded provisional amounts related to the transition tax, impacts of the Tax Cuts and Jobs Act on state taxes and provisions of the Tax Cuts and Jobs Act related to executive compensation. Our accounting for the tax effects of the Tax Cuts and Jobs Act will be completed before the end of the measurement period which is one year from the date of enactment of the Tax Cuts and Jobs Act. Our preliminary estimate of the impact of the Tax Cuts and Jobs Act was immaterial to our deferred tax position as of December 31, 2017. Our net position is based on reasonable estimates for those tax effects of the Tax Cuts and Jobs Act. Changes to these estimates or new guidance issued by regulators may materially impact our provision for income taxes and effective tax rate in the period in which the adjustments are made. Adoption of ASU2016-09 requires the recognition of the excess tax benefit or tax deficiency resulting from the difference between the deduction for tax purposes and the compensation cost recognized for financial reporting purposes created when common stock vests as an income tax benefit or expense in the Company’s statement of operations. Under previous GAAP, this difference was required to be recognized in additional paid-in capital. The expense or benefit required to be recognized is calculated separately as a discrete item each reporting period and not as part of the Company’s projected annual effective tax rate. During the year ended December 31, 2017, we recorded tax expense of $253,000. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2017 and 2016 were as follows (in thousands):
| 2017 |  | 2016
Deferred tax liabilities: |  |  |
Property, plant and equipment | $ | 17,605 |  |  | $ | 27,468 |
Prepaid insurance | 453 |  |  | 766 |
Total deferred tax liabilities: | 18,058 |  |  | 28,234 |
Deferred tax assets: |  |  |
Employee benefits | 962 |  |  | 1,303 |
Uncompleted contracts | 2,664 |  |  | 106 |
Stock based compensation expense | 350 |  |  | 1,488 |
Allowance for uncollectible accounts | 99 |  |  | 192 |
Long term incentive awards | 280 |  |  | 264 |
Federal net operating losses | 13,190 |  |  | 617 |
State net operating losses | 511 |  |  | — |
AMT credit carryforwards | — |  |  | 1,030 |
Other | 394 |  |  | — |
Less valuation allowance | (392 | ) |  | — |
Total deferred tax assets: | 18,058 |  |  | 5,000 |
Net deferred tax liabilities: | $ | — |  |  | $ | 23,234 |
Significant components of income tax expense (benefit) for the years ended December 31 were as follows (in thousands):
| 2017 |  | 2016 |  | 2015
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | 302 |  |  | $ | 219 |
State | 83 |  |  | 361 |  |  | 473 |
Total current | 83 |  |  | 663 |  |  | 692 |
Deferred: |  |  |  |  |
Federal | (23,827 | ) |  | 1,549 |  |  | (13,614 | )
State | (449 | ) |  | (171 | ) |  | (447 | )
Total deferred | (24,276 | ) |  | 1,378 |  |  | (14,061 | )
Income taxes | $ | (24,193 | ) |  | $ | 2,041 |  |  | $ | (13,369 | )
A valuation allowance is provided to reserve for deferred tax assets if, based upon the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2017, we had a valuation allowance of $392,000 offsetting our deferred tax assets. As of December 31, 2017 we had gross, federal net operating losses that are eligible for carryforward to offset future net income of $62.8 million, of which $4.0 million will expire on December 31, 2035. Our remaining federal net operating loss carryforwards will expire December 31, 2037. A reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax (benefit) expense for the years ended December 31, 2017, 2016 and 2015 is as follows (in thousands):
| 2017 |  | % |  | 2016 |  | % |  | 2015 |  | %
U.S. statutory rate | $ | (24,136 | ) |  | 35.0% |  | $ | 1,945 |  |  | 35.0% |  | $ | (13,556 | ) |  | 35.0%
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |
Permanent differences | 330 |  |  | (0.5)% |  | 64 |  |  | 1.1% |  | 275 |  |  | (0.7)%
State income taxes | (366 | ) |  | 0.5% |  | 32 |  |  | 0.6% |  | — |  |  | —%
Vesting of common stock | 253 |  |  | (0.4)% |  | — |  |  | —% |  | — |  |  | —%
Other | (274 | ) |  | 0.5% |  | — |  |  | —% |  | (88 | ) |  | 0.2%
Income tax (benefit) expense | $ | (24,193 | ) |  | 35.1% |  | $ | 2,041 |  |  | 36.7% |  | $ | (13,369 | ) |  | 34.5%

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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 Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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