INCOME TAXES

12 Months Ended

Dec. 31, 2013

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 9 - INCOME TAXES

The components of income before income taxes are as follows (in thousands):

	Years Ended December 31,
	2013	2012	2011
Domestic	$ 86,567	$ 84,349	$ 51,995
Foreign	8,150	660	-
Total income before taxes	$ 94,717	$ 85,009	$ 51,995

The provision for income taxes consists of the following (in thousands):

	Years Ended December 31,
	2013	2012	2011
Current -
Federal	$ 21,481	$ 27,393	$ 15,401
State	2,681	4,438	2,731
Foreign	7,484	963	-
	31,646	32,794	18,132
Deferred -
Federal	8,631	1,835	2,081
State	167	146	345
Foreign	(5,964)	(751)	-
	2,834	1,230	2,426
	$ 34,480	$ 34,024	$ 20,558

The difference between income taxes computed at the federal statutory income tax rate (35%) and the provision for income taxes is as follows (in thousands):

	Years Ended December 31,
	2013	2012	2011
Income taxes computed at federal statutory rate	$ 33,150	$ 29,753	$18,198
State income taxes, net of federal benefit	1,852	2,917	1,999
Other, primarily non-tax deductible, or non-taxable items	(522)	1,354	361
	$ 34,480	$ 34,024	$20,558

The net current and noncurrent components of deferred income tax balances are as follows (in thousands):

	December 31,
	2013	2012
Net current assets	$   7,713	$   5,182
Net non-current liabilities	(21,938)	(16,448)
Net assets (liabilities)	$ (14,225)	$ (11,266)

Deferred tax liabilities and assets were comprised of the following (in thousands):

	December 31,
	2013	2012
Deferred tax assets:
Allowance for doubtful accounts	$      2,849	$       2,408
Inventories	2,514	1,803
Accruals	945	842
Other	1,401	342
Total deferred tax assets	7,709	5,395
Less valuation allowance	-	-
Total deferred tax assets, net of valuation allowance	7,709	5,395
Deferred tax liabilities
Goodwill	1,159	2,270
Intangibles	(10,707)	(9,232)
Property and equipment	(11,697)	(8,430)
Unremitted foreign earnings	(818)	(577)
Cumulative translation adjustment	1,275	(298)
Other	(1,146)	(394)
Net deferred tax asset (liability)	$  (14,225)	$  (11,266)