Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Summary of Income (Loss) Before Taxes

	U.S.			Foreign
Year ended December 31,	Operations			Operations		Total
	(in thousands)
2013	$	127,682		$	11,933	$	139,615
2012	$	(271,683	)	$	3,841	$	(267,842	)
2011	$	133,501		$	3,546	$	137,047

(Benefit) Provision for Income Taxes

	Year ended December 31,
	2013			2012			2011
	(in thousands)
Current expense:
Federal	$	29,034		$	19,573		$	30,848
State	9,018			3,508			6,303
Foreign	4,256			1,542			1,325
Total current	42,308			24,623			38,476
Deferred (benefit) expense:
Federal	9,547			(28,157		)	16,351
State	577			1,104			(3,718		)
Foreign	(113		)	(12		)	(210		)
Total deferred	10,011			(27,065		)	12,423
Total (benefit) provision	$	52,319		$	(2,442	)	$	50,899

Reconciliation of Provision (Benefit) for Income Taxes

	2013					2012					2011
	Amount			Rate		Amount			Rate		Amount			Rate
	(dollars in thousands)
Federal income expense (benefit) at statutory tax rate	$	48,865		35.0	%	$	(93,745	)	35.0	%	$	47,963		35.0	%
State income taxes, net of federal tax benefit	6,236			4.5		3,214			(1.2	)	2,529			1.8
Officers’ compensation	1,732			1.2		1,473			(0.6	)	224			0.2
Domestic Production Activities Deduction	(3,641		)	(2.6	)	(2,246		)	(2.4	)	(2,321		)	(4.8	)
Goodwill Impairment	—			—		89,191			(33.3	)	—			—
Other	(873		)	(0.6	)	(329		)	3.4		2,504			4.9
(Benefit) provision for income taxes	$	52,319		37.5	%	$	(2,442	)	0.9	%	$	50,899		37.1	%

Significant Components of Deferred Tax Assets and Liabilities

	December 31,
	2013			2012
	(in thousands)
Deferred Tax Assets
Timing of expense recognition	$	24,170		$	28,448
Net operating losses	4,123			5,517
Other, net	5,641			8,763
Deferred tax assets	33,934			42,728
Valuation Allowance	(2,817		)	(2,817		)
Net deferred tax assets	31,117			39,911
Deferred Tax Liabilities
Intangible assets, due primarily to purchase accounting	(18,260		)	(26,768		)
Fixed assets, due primarily to purchase accounting	(79,243		)	(76,095		)
Construction contract accounting	(6,432		)	(5,613		)
Joint ventures - construction	(5,229		)	(7,038		)
Contested Legal Settlement	(12,012		)	—
Other	(3,408		)	(390		)
Deferred tax liabilities	(124,584		)	(115,904		)
Net deferred tax liability	$	(93,467	)	$	(75,993	)

The net deferred tax liability is classified in the Consolidated Balance Sheets based on when the future benefit (expense) is expected to be realized as follows:

	December 31,
	2013			2012
	(in thousands)
Current deferred tax asset	$	8,240		$	10,071
Long-term deferred tax asset	22,877			29,840
Current deferred tax liability	(10,251		)	(6,004		)
Long-term deferred tax liability	(114,333		)	(109,900		)
Net deferred tax liability	$	(93,467	)	$	(75,993	)

Reconciliation of Gross Unrecognized Tax Benefit

A reconciliation of the beginning and ending amount of the gross unrecognized tax benefit is as follows (in thousands):

Gross unrecognized tax benefit balance at January 1, 2011:	$	1,150
Add:
Additions based on tax positions related to current year	875
Additions/reductions for tax positions of prior years	47
Less:
Reductions for tax positions of prior years (expiration of statute of limitations)	(29		)
Gross unrecognized tax benefit balance at December 31, 2011:	$	2,043
Gross unrecognized tax benefit balance at January 1, 2012:	$	2,043
Add:
Additions based on tax positions related to current year	1,281
Additions/reductions for tax positions of prior years	1,857
Less:
Reductions for tax positions of prior years (expiration of statute of limitations)	(1,158		)
Gross unrecognized tax benefit balance at December 31, 2012:	$	4,023
Gross unrecognized tax benefit balance at January 1, 2013:	$	4,023
Add:
Additions based on tax positions related to current year	1,254
Additions/reductions for tax positions of prior years	182
Less:
Reductions for tax positions of prior years (expiration of statute of limitations)	—
Gross unrecognized tax benefit balance at December 31, 2013:	$	5,459