Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

	For the Years Ended December 31,
	2015		2014		2013
Current Federal alternative minimum tax (“AMT”) expense	$	303,000	$	92,000	$	42,000
Current state and local tax expense		662,000		254,000		132,000
Deferred Federal tax expense (benefit) (A)		4,962,000		2,118,000		(12,775,000)
Deferred state and local tax expense (benefit)		(513,000)		(4,000)		(1,299,000)
Consolidated income tax expense (benefit), including taxes attributable to discontinued operations (B)		5,414,000		2,460,000		(13,900,000)
Less income tax expense (benefit) attributable to discontinued operations		1,409,000		(382,000)		(230,000)
Income tax expense (benefit) (C)	$	4,005,000	$	2,842,000	$	(13,670,000)

  (A) Includes an AMT (benefit) of $(303,000), $(92,000) and $(1,181,000) in 2015, 2014 and 2013, respectively.

  (B) Includes income tax expense (benefit) attributable to (loss) from discontinued operations.

  (C) Reflects the tax expense (benefit) from continuing operations as reported on the consolidated statements of operations for the periods presented.

Reconciliation of Income Tax Computed at U.S. Federal Statutory Rate to Income Tax Expense (Benefit)

The reconciliation of income tax computed at the U.S. Federal statutory rate to income tax expense (benefit) on continuing operations is as follows:

	For the Years Ended December 31,
	2015				2014				2013
	Amount		Percent		Amount		Percent		Amount		Percent
Tax expense (benefit) at U.S. statutory rate	$	4,227,000		35.00%	$	2,610,000		35.00%	$	1,492,000		35.00%
State and local tax expense (benefit), net of Federal impact		494,000		4.09%		194,000		2.60%		86,000		2.01%
Impact of state and local tax rate change net of Federal impact		(714,000)		(5.90%)		27,000		0.36%		110,000		2.58%
Cost (benefit) attributable to valuation allowance, net		—		—		—		—		(150,000)		(3.52%)
Non-deductible items		(2,000)		(0.02%)		11,000		0.15%		9,000		0.21%
Benefit attributable to reduction in allowance against certain deferred tax assets		—		—		—		—		(15,217,000)		(356.94%)
Income tax expense (benefit)	$	4,005,000		33.17%	$	2,842,000		38.11%	$	(13,670,000)		(320.66%)

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2015		2014
Deferred Tax Assets
Net operating loss carryforwards	$	17,314,368	$	22,113,983
Asset basis differences — tax amount greater than book value		254,773		259,922
Liability reserves		187,253		212,142
Stock compensation plans		1,644,339		1,520,041
AMT credit carryforwards		1,576,737		1,273,792
Other		45,903		21,585
		21,023,373		25,401,465
Valuation allowance		—		—
Total deferred tax assets		21,023,373		25,401,465
Deferred Tax Liabilities
Acquired asset differences — book value greater than tax		(2,266,160)		(2,669,655)
Asset basis differences — carrying amount value greater than tax		(327,476)		(295,073)
Total deferred tax liabilities		(2,593,636)		(2,964,728)
Net deferred tax asset (liability)	$	18,429,737	$	22,436,737

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013 follows:

	For the Years Ended December 31,
	2015		2014		2013
Balance at beginning of period	$	105,000	$	62,000	$	345,000
Additional provisions and interest related to prior years		70,000		43,000		51,000
Resolution of matters during the period		(16,000)		—		(334,000)
Balance at end of period	$	159,000	$	105,000	$	62,000