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11. INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Provision for income taxes |
|  | Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Current provision (benefit) |  | $ | 141 |  |  | $ | (8,011 | ) |  | $ | 11,040 |
Deferred provision (benefit) |  |  | (1,122 | ) |  |  | (2,023 | ) |  |  | 4,097 |
Total |  | $ | (981 | ) |  | $ | (10,034 | ) |  | $ | 15,137 |
Reconciliation of effective tax rate |
|  | Years Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State income taxes, net of federal benefit |  |  | 6.4 |  |  |  | 9.2 |  |  |  | 10.0 |
Change in valuation allowance |  |  | (298.8 | ) |  |  | (4.2 | ) |  |  | (11.5 | )
Fair value adjustments and warrant inducements |  |  | 37.2 |  |  |  | 2.0 |  |  |  | 31.8 |
Domestic production gross receipts deduction |  |  | – |  |  |  | (2.9 | ) |  |  | (2.0 | )
Section 382 reduction to loss carryover |  |  | – |  |  |  | 0.1 |  |  |  | (24.2 | )
Stock compensation |  |  | 58.8 |  |  |  | (0.8 | ) |  |  | – |
Non-deductible items |  |  | 8.9 |  |  |  | (0.5 | ) |  |  | 0.6 |
Change in tax status of subsidiary |  |  | – |  |  |  | – |  |  |  | (1.6 | )
Other |  |  | (27.5 | ) |  |  | (3.2 | ) |  |  | (1.3 | )
Effective rate |  |  | (180.0 | )% |  |  | 34.7 | % |  |  | 36.8 | %
Components of deferred income taxes |
|  | December 31, |
|  | 2016 |  |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 45,709 |  |  | $ | 53,867 |
Railcar contracts |  |  | 3,348 |  |  |  | 5,143 |
Pension liability |  |  | 2,204 |  |  |  | 2,647 |
R&D and AMT credits |  |  | 2,465 |  |  |  | 2,303 |
Derivatives |  |  | 1,228 |  |  |  | – |
Litigation accrual |  |  | – |  |  |  | 1,290 |
Capital leases |  |  | – |  |  |  | 1,021 |
Stock-based compensation |  |  | 946 |  |  |  | 724 |
Allowance for doubtful accounts and other assets |  |  | 856 |  |  |  | – |
Other |  |  | 4,316 |  |  |  | 5,367 |
Total deferred tax assets |  |  | 61,072 |  |  |  | 72,362 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed assets |  |  | (45,757 | ) |  |  | (30,272 | )
Intangibles |  |  | (1,091 | ) |  |  | (1,091 | )
Debt basis |  |  | – |  |  |  | (912 | )
Other |  |  | (1,593 | ) |  |  | (1,423 | )
Total deferred tax liabilities |  |  | (48,441 | ) |  |  | (33,698 | )
Valuation allowance |  |  | (12,683 | ) |  |  | (39,838 | )
Net deferred tax liabilities |  | $ | (52 | ) |  | $ | (1,174 | )
Classified in balance sheet as: |  |  |  |  |  |  |  |
Other liabilities |  | $ | (52 | ) |  | $ | (1,174 | )
Net operating loss carryforwards | These net operating loss carryforwards expire as follows (in thousands):
Tax Years |  | Federal |  |  | State |
2017–2021 |  | $ | – |  |  | $ | 22,425 |
2022–2026 |  |  | 3,781 |  |  |  | 4,109 |
2027–2031 |  |  | 1,654 |  |  |  | 30,102 |
2032–2036 |  |  | 112,248 |  |  |  | 45,202 |
|  | $ | 117,683 |  |  | $ | 101,838 |
Certain of these net operating losses are not immediately available, but become available to be utilized in each of the years ended December 31, as follows (in thousands):
Year |  | Federal |  |  | State |
2017 |  | $ | 16,328 |  |  | $ | 40,037 |
2018 |  |  | 6,441 |  |  |  | 4,809 |
2019 |  |  | 6,441 |  |  |  | 4,809 |
2020 |  |  | 6,374 |  |  |  | 4,781 |
2021 |  |  | 6,308 |  |  |  | 4,754 |
Thereafter |  |  | 75,791 |  |  |  | 42,648 |
|  | $ | 117,683 |  |  | $ | 101,838 |

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