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Income Taxes | 12 Months Ended
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Jun. 30, 2012
Income Taxes [Abstract] |
Income Taxes |
(9) | Income Taxes
Income tax expense for fiscal 2012, fiscal 2011 and fiscal 2010, consisted of the following:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,538 |  |  | $ | 2,959 |  |  | $ | 2,439 |
State |  |  | 1,197 |  |  |  | 437 |  |  |  | 504 |
|  |  | 7,735 |  |  |  | 3,396 |  |  |  | 2,943 |
Deferred expense |  |  | 976 |  |  |  | 932 |  |  |  | 2,640 |
Total expense |  | $ | 8,711 |  |  | $ | 4,328 |  |  | $ | 5,583 |
The difference between income taxes computed by applying the statutory federal income tax rates of 35%, 34% and 34% in fiscal 2012, fiscal 2011 and fiscal 2010, respectively, and income tax expense reported in the consolidated statements of income is:
|  | 2012 |  |  | 2011 |  |  | 2010 |
Computed “expected” tax expense |  | $ | 8,141 |  |  | $ | 4,025 |  |  | $ | 5,094 |
State income taxes expense, net of federal income tax |  |  | 915 |  |  |  | 361 |  |  |  | 437 |
Revaluation of net deferred tax assets |  |  | (338 | ) |  |  | — |  |  |  | — |
Other, net |  |  | (7 | ) |  |  | (58 | ) |  |  | 52 |
Total expense |  | $ | 8,711 |  |  | $ | 4,328 |  |  | $ | 5,583 |
The tax effects of temporary differences and loss carryforwards that give rise to significant portions of the deferred tax assets and deferred tax liabilities are presented below.
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |  |  |
Current assets |  | $ | 895 |  |  | $ | 1,267 |
Accrued expenses |  |  | 1,366 |  |  |  | 795 |
Pension liability |  |  | 6,806 |  |  |  | 5,663 |
Interest rate contract liability |  |  | 175 |  |  |  | 95 |
Acquisition intangible assets and expenses |  |  | — |  |  |  | 99 |
Capital loss carryforward |  |  | 508 |  |  |  | 482 |
Total deferred tax assets |  |  | 9,750 |  |  |  | 8,401 |
Less valuation allowance |  |  | (508 | ) |  |  | (482 | )
Deferred tax assets, net |  |  | 9,242 |  |  |  | 7,919 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Accrued pension costs |  |  | 2,559 |  |  |  | 1,509 |
Acquisition intangible assets and expenses |  |  | 270 |  |  |  | — |
Prepaid insurance |  |  | 70 |  |  |  | 66 |
Property, plant and equipment |  |  | 108 |  |  |  | 45 |
Total deferred tax liabilities |  |  | 3,007 |  |  |  | 1,620 |
Net deferred tax assets |  | $ | 6,235 |  |  | $ | 6,299 |
During fiscal 2012, the Company concluded, based on its forecast of future operations and estimated federal, state and local effective tax rates, the likely rate at which net temporary difference will reversed has changed. Accordingly, deferred tax assets and liabilities, as of the beginning of fiscal 2012, have been revalued at the new higher tax rate resulting in a deferred tax benefit of $338, which was recorded during the fourth quarter. The net temporary differences incurred to date will reverse in future periods as the Company generates taxable earnings. The Company believes it is more likely than not that the results of future operations will generate sufficient taxable income to realize the net deferred tax assets recorded. The Company records a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company generated a capital loss deferred tax asset is subject to expiration after five years. Capital gains generated by the Company during the period prior to expiration can be utilized to offset the capital loss deferred tax asset. At the end of fiscal 2012 and fiscal 2011, the Company has recorded a valuation allowance of $508 and $482, respectively. At the end of fiscal 2012, fiscal 2011 and fiscal 2010, there were no net operating loss carryforwards available for U.S. federal, state, and local income tax purposes. All net operating loss carryforwards were used during fiscal 2010, and the Company recognized both deferred prior year and current year excess tax benefits as additional paid in capital during fiscal 2010. FASB ASC 740-10 (the overall Subtopic of topic 740 on income taxes) prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company did not record an accrual for tax related uncertainties or unrecognized tax positions at the end of fiscal 2012 or the end of fiscal 2011. The Company does not expect a change to the reserve for uncertain tax positions within the next twelve months that would have a material impact on the consolidated financial statements. The Company recorded no interest or penalties during or at the end of fiscal 2012, fiscal 2011 and fiscal 2010 in either its consolidated statement of income or consolidated balance sheet. The Company files a consolidated U.S. Federal income tax return and consolidated and separate company income tax returns in various state and local jurisdictions. Generally, the Company is no longer subject to income tax examinations by federal tax authorities through the tax year ended June 28, 2008 and by state and local tax authorities for the tax years through June 30, 2007.

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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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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