Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2013, 2012, and 2011 attributable to income (loss) from operations is presented below.



	Current			Deferred			Total
Year ended December 31, 2013
Federal	$	1,793		$	(497	)	$	1,296
State	242			(52		)	190
Foreign	901			(237		)	664
	$	2,936		$	(786	)	$	2,150
Year ended December 31, 2012
Federal	$	715		$	2,036		$	2,751
State	146			254			400
Foreign	249			(137		)	112
	$	1,110		$	2,153		$	3,263
Year ended December 31, 2011
Federal	$	(16	)	$	120		$	104
State	179			(955		)	(776		)
Foreign	212			(24		)	188
	$	375		$	(859	)	$	(484	)

Schedule of Effective Income Tax Rate Reconciliation

The actual income tax expense (benefit) differs from the “expected” income tax expense (benefit) computed by applying the United States Federal corporate income tax rate of 35% to income before tax expense (benefit) as follows:



	Year Ended December 31,
	2013			2012			2011
Computed “expected” tax expense	$	2,339		$	2,395		$	131
Decrease in income taxes resulting from:
State income tax expense, net of federal benefit	336			674			83
State research and development, investment credits	(309		)	(301		)	(1,006		)
Non-deductible expenses	255			117			101
Foreign tax rate differential	(208		)	(27		)	(42		)
Federal research and development credits	(746		)	—			(351		)
Adjustments to operating loss carry-forwards and other deferred taxes, net	(8		)	(33		)	(44		)
Stock-based compensation	—			(30		)	306
Change in valuation allowance	491			468			338
Net income tax expense (benefit)	$	2,150		$	3,263		$	(484	)

Schedule of Income before Income Tax, Domestic and Foreign

The components of results of income before income tax expense (benefit) determined by tax jurisdiction, are as follows:



	Year Ended December 31,
	2013			2012			2011
United States	$	5,500		$	7,917		$	971
UK	(343		)	—			—
Denmark	1,487			(295		)	(161		)
Cyprus	686			—			—
Norway	392			570			727
Brazil	(1,167		)	(1,375		)	(1,210		)
Singapore	48			25			49
Belgium	44			—			—
Japan	32			1			—
Netherlands	4			—			—
Total	$	6,683		$	6,843		$	376

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities as of the dates presented are as follows:



	December 31,
	2013			2012
Deferred tax assets:
Accounts receivable, due to allowance for doubtful accounts	$	641		$	313
Inventories	436			289
Operating loss carry-forwards	1,392			1,011
Stock-based compensation expense	1,515			1,194
Intangible assets due to differences in amortization	—			74
Research and development, alternative minimum tax credit carry-forwards	2,600			3,507
Foreign tax credit carry-forwards	1,442			1,111
State tax credit carry-forwards	2,094			2,228
Accrued expenses	722			688
Gross deferred tax assets	10,842			10,415
Less valuation allowance	(2,700		)	(2,136		)
Total deferred tax assets	8,142			8,279
Deferred tax liabilities:
Purchased intangible assets	(3,129		)	(433		)
Property and equipment, due to differences in depreciation	(2,548		)	(3,176		)
Other	(30		)	—
Total deferred tax liabilities	(5,707		)	(3,609		)
Net deferred tax assets	$	2,435		$	4,670
Net deferred tax asset—current	$	3,060		$	1,146
Net deferred tax asset—noncurrent	$	—		$	3,524
Net deferred tax liability—noncurrent	$	(625	)	$	—