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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities, net

The components of the Company's net deferred tax assets at December 31 are as follows:

		2012				2011
Deferred Tax Assets
Net operating loss and tax credits		$	1,159,865			$	1,025,621
Property and equipment and intangibles		153,361				92,470
Allowance for accounts receivable		74,362				92,977
Reserve for expired product		706,960				735,992
Inventory		1,185,419				1,079,541
Deferred charges		582,480				563,141
Cumulative compensation costs incurred on deductible equity awards		1,251,382				584,212
Total deferred tax assets		5,113,829				4,173,954
Deferred Tax Liabilities
Intangible assets		(2,665,022		)		(2,500,642		)
Net deferred tax assets, before valuation allowance		2,448,807				1,673,312
Less: deferred tax asset valuation allowance		(108,318		)		(94,459		)
Net deferred tax assets		$	2,340,489			$	1,578,853

Schedule of federal and state net operating loss carryforwards

The following table summarizes the amount and year of expiration of the Company's federal and state net operating loss carryforwards as of December 31, 2012:

Years of expiration		Federal				State
2014		$	—			$	2,249,078
2015 - 2017		—				504,822
2018 - 2024		—				51,629,844
2029		48,566,499				—
Total federal and state net operating loss carryforwards		$	48,566,499			$	54,383,744

Schedule of the components of income tax benefit (expense)

Income tax (expense) benefit includes the following components for the years ended December 31:

		2012				2011				2010
Current:
Federal		$	(3,185,743	)		$	(1,992,804	)		$	(2,665,404	)
State and other		(820,669		)		(422,290		)		(518,365		)
Total current income tax expense		(4,006,412		)		(2,415,094		)		(3,183,769		)
Deferred:
Federal		677,190				(1,543,261		)		268,563
State		84,446				(121,849		)		63,786
Total deferred income tax benefit (expense)		761,636				(1,665,110		)		332,349
Total income tax expense		$	(3,244,776	)		$	(4,080,204	)		$	(2,851,420	)

Schedule of the components of deferred tax benefit (expense)

Deferred income tax benefit (expense) is comprised of the following components for the years ended December 31:

		2012				2011				2010
Deferred tax (expense) benefit, excluding items below		$	(39,870	)		$	439,744			$	459,575
Inventory write-downs		179,755				817,840				31,228
Creation of operating loss carryforwards		25,552				11,348				9,567
Creation (utilization) of tax credit carryforwards		108,699				56,395				(3,115		)
Change in valuation allowance due to changes in net deferred tax asset balances		(15,291		)		(13,597		)		(10,750		)
Deductible equity awards		667,171				(330,329		)		(132,193		)
Intangible assets		(164,380		)		(2,646,511		)		(21,963		)
Deferred income tax benefit (expense)		$	761,636			$	(1,665,110	)		$	332,349

Schedule of effective tax rate reconciliation

The Company’s effective income tax rate for 2012, 2011 and 2010 reconciles with the federal statutory tax rate as follows: 

		2012			2011			2010
Federal tax expense at statutory rate		34	%		35	%		34	%
State income tax expense (net of federal income tax benefit)		4	%		4	%		6	%
Permanent differences associated with tax grants		—	%		—	%		5	%
Permanent differences associated with stock options		(5	)%		2	%		4	%
Other permanent differences		3	%		2	%		4	%
Other		—	%		(1	)%		1	%
Net income tax expense		36	%		42	%		54	%

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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 the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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