Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.6.0.2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Significant Components of Provision for Income Taxes

Significant components of the provision for income taxes for the years ended December 31, 2016, 2015 and 2014 is as follows (in thousands):

 

 

 

2016

 

 

2015

 

 

2014

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(8

)

 

$

56

 

 

$

113

 

State

 

 

39

 

 

 

101

 

 

 

44

 

Total Current Provision

 

$

31

 

 

$

157

 

 

$

157

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(1,451

)

 

$

(1,866

)

 

$

-

 

State

 

 

(281

)

 

 

(245

)

 

 

-

 

Total Deferred Provision (Benefit)

 

$

(1,732

)

 

$

(2,111

)

 

$

 

 

 

Reconciliation of Effective Tax Rate and the Federal Statutory Tax Rate

A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31, 2016, 2015 and 2014 is as follows:

 

 

 

2016

 

 

2015

 

 

2014

 

Federal statutory tax rate

 

 

34.00

%

 

 

34.00

%

 

 

34.00

%

State income taxes, net of federal income tax benefit

 

 

3.43

%

 

 

4.41

%

 

 

3.37

%

Non-deductible expenses

 

 

(1.88

)%

 

 

(29.17

)%

 

 

5.89

%

Non-deductible stock options and warrants

 

 

(13.37

)%

 

 

(10.24

)%

 

 

4.00

%

Non-deductible tax expense

 

 

0.00

%

 

 

0.00

%

 

 

8.79

%

Prior year adjustments for stock compensation

 

 

 

 

 

(0.26

)%

 

 

(27.93

)%

Other, net

 

 

0.73

%

 

 

%

 

 

%

Valuation allowance

 

 

 

 

 

49.49

%

 

 

(15.96

)%

Effective tax rate

 

 

22.91

%

 

 

48.23

%

 

 

12.16

%

 

Current and Non-current Deferred Income Tax Assets and Liabilities

At December 31, 2016 and 2015, our current and non-current deferred income tax assets and liabilities consisted of the following (in thousands):

 

 

 

2016

 

 

2015

 

Deferred income tax assets (liabilities):

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

$

340

 

 

$

15,201

 

Accrued vacation

 

 

759

 

 

 

962

 

Other accruals

 

 

84

 

 

 

476

 

Other

 

 

66

 

 

 

29

 

Net operating loss carry-forwards

 

 

12,222

 

 

 

502

 

AMT credit carry-forward

 

 

144

 

 

 

152

 

Nonqualified stock options and warrants

 

 

1,264

 

 

 

1,377

 

Accumulated depreciation and amortization

 

 

(29,852

)

 

 

(34,440

)

Net deferred income tax liabilities

 

$

(14,973

)

 

$

(15,741

)