INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31 were as follows (in thousands):


	2014		2013
Deferred tax liabilities:
Property, plant and equipment	$	38,070	$	38,397
Prepaid insurance		1,310		—

Total deferred tax liabilities:		39,380		38,397
Deferred tax assets:
Employee benefits		951		677
Uncompleted contracts		391		931
Stock based compensation expense		43		65
Allowance for uncollectible accounts		1,261		311
Federal net operating loss		—		7,584
Other		—		359

Total deferred tax assets:		2,646		9,927

Net deferred tax liabilities:	$	36,734	$	28,470

Components of Income Tax Expense

Significant components of income tax expense for the years ended December 31 were as follows (in thousands):


	2014			2013		2012
Current:
Federal	$	(105	)	$	—	$	—
State		459			254		534

Total current		354			254		534

Deferred:
Federal		8,120			4,049		(1,749	)
State		30			—		(99	)

Total deferred		8,150			4,049		(1,848	)

Income taxes	$	8,504		$	4,303	$	(1,314	)

Reconciliation of Income Tax

A reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax expense for the years ended December 31 is as follows (in thousands):


	2014			%			2013			%			2012			%
U.S. statutory rate	$	8,338			35.0	%	$	4,037			35.0	%	$	(1,892	)		35.0	%
Increase (decrease) resulting from:
State income taxes		311			1.0			317			2.7			783			(14.5	)
Qualified Production Activities		(21	)		(0.1	)
Other		(124	)		(0.2	)		(51	)		(0.4	)		(205	)		3.8

Income tax expense	$	8,504			35.7	%	$	4,303			37.3	%	$	(1,314	)		24.3	%