Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
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, 2015, 2014 and 2013 is as follows (in thousands):

 

 

 

2015

 

 

2014

 

 

2013

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

56

 

 

$

113

 

 

$

93

 

State

 

 

101

 

 

 

44

 

 

 

59

 

Total Current Provision

 

$

157

 

 

$

157

 

 

$

152

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

(1,866

)

 

$

 

 

$

 

State

 

 

(245

)

 

 

 

 

 

 

Total Deferred Provision (Benefit)

 

$

(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, 2015, 2014 and 2013 is as follows:

 

 

 

2015

 

 

2014

 

 

2013

 

Federal statutory tax rate

 

 

34.00

%

 

 

34.00

%

 

 

34.00

%

State income taxes, net of federal income tax benefit

 

 

4.41

%

 

 

3.37

%

 

 

1.77

%

Non-deductible expenses

 

 

(29.17

)%

 

 

5.89

%

 

 

1.89

%

Non-deductible stock options and warrants

 

 

(10.24

)%

 

 

4.00

%

 

 

14.45

%

Non-deductible tax expense

 

 

0.00

%

 

 

8.79

%

 

 

%

Prior year adjustments for stock compensation

 

 

(0.26

)%

 

 

(27.93

)%

 

 

%

Other, net

 

 

%

 

 

%

 

 

0.26

%

Valuation allowance

 

 

49.49

%

 

 

(15.96

)%

 

 

(45.44

)%

Effective tax rate

 

 

48.23

%

 

 

12.16

%

 

 

6.93

%

 

Current and Non-current Deferred Income Tax Assets and Liabilities

At December 31, 2015 and 2014, our current and non-current deferred income tax assets and liabilities consisted of the following (in thousands):

 

 

 

2015

 

 

2014

 

Current deferred income tax assets:

 

 

 

 

 

 

 

 

Allowance for doubtful accounts

 

$

15,201

 

 

$

1,548

 

Accrued vacation

 

 

962

 

 

 

334

 

Other accruals

 

 

476

 

 

 

 

Other

 

 

29

 

 

 

38

 

Subtotal

 

 

16,668

 

 

 

1,920

 

Less valuation allowance

 

 

-

 

 

 

(1,099

)

Total net current deferred income tax assets

 

$

16,668

 

 

$

821

 

Non-current deferred income tax assets (liabilities):

 

 

 

 

 

 

 

 

Net operating loss carry-forwards

 

$

502

 

 

$

1,336

 

AMT credit carry-forward

 

 

152

 

 

 

96

 

Nonqualified stock options and warrants

 

 

1,377

 

 

 

560

 

Accumulated depreciation and amortization

 

 

(34,440

)

 

 

(1,672

)

Subtotal

 

 

(32,409

)

 

 

320

 

Less valuation allowance

 

 

 

 

 

(1,141

)

Total net non-current deferred income tax liability

 

 

(32,409

)

 

 

(821

)

Net deferred income tax asset (liability)

 

$

(15,741

)

 

$