INCOME TAXES (Tables)
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9 Months Ended |
Sep. 30, 2014
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Income Tax Disclosure [Abstract] |
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Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities are comprised of the following at September 30, 2014 and December 31, 2013: | | | | | | | | | | September 30, 2014 | | December 31, 2013 | Deferred tax assets: | | | | Accounts receivable and financing receivables | $ | 1,048,162 |
| | $ | 971,132 |
| Accrued vacation | 1,254,057 |
| | 1,191,286 |
| Stock-based compensation | 760,501 |
| | 491,921 |
| Deferred revenue | 232,583 |
| | 48,383 |
| Accrued liabilities and other | 166,213 |
| | 155,569 |
| Other comprehensive income | 6,629 |
| | — |
| Total deferred tax assets | $ | 3,468,145 |
| | $ | 2,858,291 |
| Deferred tax liabilities: | | | | Other comprehensive income | $ | — |
| | $ | 6,967 |
| Depreciation | 1,777,324 |
| | 2,486,032 |
| Total deferred tax liabilities | $ | 1,777,324 |
| | $ | 2,492,999 |
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Component of Income Tax Provision |
Significant components of the Company’s income tax provision in the Condensed Consolidated Statements of Income for the nine months ended September 30 are as follows: | | | | | | | | | | 2014 | | 2013 | Current provision: | | | | Federal | $ | 12,954,529 |
| | $ | 10,396,557 |
| State | 2,507,378 |
| | 1,706,173 |
| Deferred provision: |
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| Federal | (1,177,376 | ) | | (117,896 | ) | State | (134,557 | ) | | (13,474 | ) | Total income tax provision | $ | 14,149,974 |
| | $ | 11,971,360 |
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Difference Between Income Taxes at U. S. Federal Statutory Income Tax Rate |
The difference between income taxes at the U.S. federal statutory income tax rate of 35% and those reported in the Condensed Consolidated Statements of Income for the nine months ended September 30 is as follows: | | | | | | | | | | 2014 | | 2013 | Income taxes at U.S. Federal statutory rate | $ | 14,114,158 |
| | $ | 12,134,483 |
| Provision-to-return adjustments | (161,732 | ) | | (210,673 | ) | State income taxes, net of U.S. Federal tax effect | 1,429,720 |
| | 1,234,907 |
| Domestic production activities deduction | (1,299,464 | ) | | (1,086,617 | ) | Tax credits | — |
| | (439,600 | ) | Uncertain tax positions | 25,402 |
| | 389,284 |
| Other | 41,890 |
| | (50,424 | ) | Total income tax provision | $ | 14,149,974 |
| | $ | 11,971,360 |
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