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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Components of Income before Income Taxes

The components of income before income taxes, equity in earnings and extraordinary item are as follows:

		Year Ended December 31,
		2015				2014				2013
		(in thousands)
Domestic		$	22,096			$	10,251			$	26,470
Foreign			(3,765	)			3,611				(3,233	)
Total income before income taxes and equity in earnings		$	18,331			$	13,862			$	23,237

Provision for Income Taxes

The provision for income taxes (before equity in earnings) consists of:

		Year Ended December 31,
		2015				2014				2013
						(in thousands)
Current:
Federal		$	5,584			$	4,709			$	8,996
State and local			1,879				1,284				1,707
Foreign			604				1,691				747
Deferred			(1,440	)			(1,859	)			(2,275	)
Income tax provision		$	6,627			$	5,825			$	9,175

Significant Components of Deferred Income Tax Assets

Significant components of the Company’s deferred income tax assets are as follows:

		December 31,
		2015				2014
		(in thousands)
Deferred income tax assets:
Deferred rent expense		$	4,028			$	3,686
Stock options			4,179				3,348
Inventory			1,298				1,312
Operating loss carry-forward			2,213				2,073
Accounts receivable allowances			217				406
Accrued compensation			867				897
Other			2,820				2,911
Total deferred income tax assets		$	15,622			$	14,633

Significant Components of Net Deferred Income Tax (Liability) Asset

Significant components of the Company’s net deferred income tax (liability) asset are as follows:

		December 31,
		2015				2014
		(in thousands)
Deferred income tax liabilities:
Depreciation and amortization		$	(3,121	)		$	(3,461	)
Intangibles			(12,380	)			(12,549	)
Equity in earnings			(154	)			(504	)
Total deferred income tax liabilities			(15,655	)			(16,514	)
Net deferred income tax asset (liability)			(33	)			(1,881	)
Valuation allowance			(2,077	)			(1,897	)
Net deferred income tax (liability) asset		$	(2,110	)		$	(3,778	)

Difference between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Rates

The provision for income taxes (before equity in earnings) differs from the amounts computed by applying the applicable federal statutory rates as follows:

		Year Ended December 31,
		2015				2014				2013
Provision for federal income taxes at the statutory rate			35.0	%			35.0	%			35.0	%
Increases (decreases):
State and local income taxes, net of Federal income tax benefit			5.3				4.9				5.5
Foreign rate differences			(8.6	)			(2.7	)			(1.1	)
Non-deductible expenses			5.5				6.4				2.8
Other			(1.0	)			(1.6	)			(2.7	)
Provision for income taxes			36.2	%			42.0	%			39.5	%

Estimated Values of Gross Uncertain Tax Positions

The estimated values of the Company’s gross uncertain tax positions at December 31, 2015, 2014 and 2013 are liabilities of $157,000, $572,000 and $351,000, respectively, and consist of the following:

		Year Ended December 31,
		2015				2014				2013
		(in thousands)
Balance at January 1		$	(572	)		$	(351	)		$	(301	)
Additions based on tax positions related to the current year			(15	)			—				(31	)
Additions for tax positions of prior years			—				(221	)			(164	)
Settlements			430				—				145
Balance at December 31		$	(157	)		$	(572	)		$	(351	)

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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 tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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