Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

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,
	2016		2015			2014
Current Federal alternative minimum tax (“AMT”) expense	$	147,000	$	303,000		$	92,000
Current state and local tax expense		40,000		662,000			254,000
Deferred Federal tax expense (A)		1,704,000		4,962,000			2,118,000
Deferred state and local tax expense (benefit)		62,000		(513,000	)		(4,000	)
Consolidated income tax expense, including taxes attributable to discontinued operations (B)		1,953,000		5,414,000			2,460,000
Less income tax expense (benefit) attributable to discontinued operations		—		1,409,000			(382,000	)
Income tax expense (C)	$	1,953,000	$	4,005,000		$	2,842,000

(A) Includes an AMT (benefit) of $(147,000), $(303,000) and $(92,000) in 2016, 2015 and 2014, respectively.

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

(C) Reflects the tax expense 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,
	2016					2015						2014
	Amount		Percent			Amount			Percent			Amount		Percent
Tax expense (benefit) at U.S. statutory rate	$	1,657,000		35.00	%	$	4,227,000			35.00	%	$	2,610,000		35.00	%
State and local tax expense (benefit), net of Federal impact		142,000		3.00	%		494,000			4.09	%		194,000		2.60	%
Impact of state and local tax rate change net of Federal impact		7,000		0.15	%		(714,000	)		(5.90	%)		27,000		0.36	%
Non-deductible items		147,000		3.10	%		(2,000	)		(0.02	%)		11,000		0.15	%
Income tax expense (benefit)	$	1,953,000		41.25	%	$	4,005,000			33.17	%	$	2,842,000		38.11	%

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,
	2016			2015
Deferred Tax Assets
Net operating loss carryforwards	$	14,561,655		$	17,314,368
Asset basis differences — tax amount greater than book value		—			254,773
Liability reserves		792,075			187,253
Stock compensation plans		1,828,185			1,644,339
AMT credit carryforwards		1,717,792			1,576,737
Other		57,153			45,903
		18,956,860			21,023,373
Valuation allowance		—			—
Total deferred tax assets		18,956,860			21,023,373
Deferred Tax Liabilities
Acquired asset differences — book value greater than tax		(1,842,450	)		(2,266,160	)
Asset basis differences — carrying amount value greater than tax		(299,673	)		(327,476	)
Total deferred tax liabilities		(2,142,123	)		(2,593,636	)
Net deferred tax asset (liability)	$	16,814,737		$	18,429,737

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits for the years ended December 31, 2016, 2015 and 2014 follows:

	For the Years Ended December 31,
	2016			2015			2014
Balance at beginning of period	$	159,000		$	105,000		$	62,000
(Reduction) additional provision and interest related to prior years, net		(4,000	)		70,000			43,000
Resolution of matters during the period		(1,000	)		(16,000	)		—
Balance at end of period	$	154,000		$	159,000		$	105,000