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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

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,
		2017				2016				2015
		(in thousands)
Domestic		$	17,728			$	22,114			$	22,096
Foreign			(6,949	)			(112	)			(3,765	)
Total income before income taxes and equity in earnings		$	10,779			$	22,002			$	18,331

Provision for Income Taxes

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

		Year Ended December 31,
		2017				2016				2015
						(in thousands)
Current:
Federal		$	7,041			$	8,000			$	5,584
State and local			957				498				1,879
Foreign			4				483				604
Deferred			1,030				(1,951	)			(1,440	)
Income tax provision		$	9,032			$	7,030			$	6,627

Significant Components of Deferred Income Tax Assets

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

		December 31,
		2017				2016
		(in thousands)
Deferred income tax assets:
Deferred rent expense		$	2,212			$	3,706
Stock options			2,903				4,593
Inventory			970				1,190
Operating loss carry-forward			4,114				2,568
Accounts receivable allowances			264				463
Accrued compensation			623				944
Depreciation and amortization			247				—
Other			1,882				2,784
Total deferred income tax assets		$	13,215			$	16,248

Significant Components of Net Deferred Income Tax Asset (Liability)

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

		December 31,
		2017				2016
		(in thousands)
Deferred income tax liabilities:
Depreciation and amortization		$	—			$	(1,268	)
Intangibles			(8,732	)			(9,815	)
Equity in earnings			(56	)			24
Total deferred income tax liabilities			(8,788	)			(11,059	)
Net deferred income tax asset			4,427				5,189
Valuation allowance			(3,024	)			(2,396	)
Net deferred income tax asset		$	1,403			$	2,793

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,
		2017				2016				2015
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			5.9				3.6				5.3
Foreign rate differences			8.0				(7.9	)			(8.6	)
Non-deductible expenses			3.7				3.4				5.5
Tax Act- revaluation of net deferred tax assets			27.7				—				—
Tax Act- transition tax			3.1				—				—
Other			0.4				(2.1	)			(1.0	)
Provision for income taxes			83.8	%			32.0	%			36.2	%

Estimated Values of Gross Uncertain Tax Positions

The estimated values of the Company’s gross uncertain tax positions at December 31, 2017, 2016, and 2015 are liabilities of $161,000, $109,000 and $157,000, respectively, and consist of the following:

		Year Ended December 31,
		2017				2016				2015
						(in thousands)
Balance at January 1		$	(109	)		$	(157	)		$	(572	)
Additions based on tax positions related to the current year			(82	)			—				(15	)
Reduction for tax positions of prior years			30				—				—
Settlements			—				48				430
Balance at December 31		$	(161	)		$	(109	)		$	(157	)

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+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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