v2.4.0.6
Note 9 - Income Taxes
 12 Months Ended
Jun. 30, 2012
Income Tax Disclosure [Text Block]
(9)           INCOME TAXES

The income tax provision for operations in 2012, 2011, and 2010 consisted of the following (in thousands):

   
2012
   
2011
   
2010
 
Current:
                 
Federal
  $ 7,285     $ 10,612     $ 6,843  
State and local
    220       1,628       1,107  
Foreign
    1,900       1,292       114  
Total Current
    9,405       13,532       8,064  
Deferred:
                       
Federal
    5,950       (1,036 )     (1,901 )
State and local
    659       (160 )     (203 )
Foreign
    (7 )     (174 )     (175 )
Total Deferred
    6,602       (1,370 )     (2,279 )
Total
  $ 16,007     $ 12,162     $ 5,785  

No benefit or expense has been recognized for U.S. federal income taxes on undistributed earnings of foreign subsidiaries of approximately $(0.1) million, ($1.6) million, and $0.6 million at June 30, 2012, 2011, and 2010, respectively.  This exception is allowable under ASC 740-30-50-2.

The Company's income tax expense varies from the statutory federal tax rate of 35% applied to income before income taxes as follows (in thousands):

   
2012
   
2011
   
2010
 
                   
Computed "expected" income tax expense
  $ 14,540     $ 9,599     $ 3,400  
State taxes, net of federal benefit
    571       964       569  
Non-deductible expenses
    1,092       1,169       1,278  
Other, net
    (196 )     430       538  
Actual income tax expense
  $ 16,007     $ 12,162     $ 5,785  

The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at June 30, 2012 and 2011 consisted of the following (in thousands):

   
2012
   
2011
 
Deferred tax assets:
           
Deferred equity compensation
  $ 2,638     $ 2,430  
Insurance reserves
    3,814       5,069  
Other
    1,399       5,986  
Total deferred tax assets
  $ 7,851     $ 13,485  
                 
Deferred tax liabilities:
               
Property and equipment
  $ (35,856 )   $ (32,908 )
Goodwill
    (4,885 )     (4,651 )
Other
    (1,160 )     (3,402 )
Total deferred tax liabilities
  $ (41,901 )   $ (40,961 )
                 
Net current deferred tax assets
  $ 4,160     $ 3,940  
Net non-current deferred tax liabilities
    (38,210 )     (31,416 )
Total net deferred tax liabilities
  $ (34,050 )   $ (27,476 )

As of June 30, 2012, the Company had operating loss carry-forwards for income tax purposes of $2.7 million, which have expiration dates of 2028 and after.

The Company follows ASC Topic 740-10-25 in accounting for uncertainty in income taxes.  Topic 740-10-25 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.  As of June 30, 2012 and 2011, the Company recorded a $0.4 million liability for unrecognized tax benefits, a portion of which represents penalties and interest.