INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
INCOME TAXES |
|
Schedule of components of income tax provision charged to continuing operations |
|
|
2012 |
|
2011 |
|
2010 |
|
|
|
|
|
|
|
|
|
Current: |
|
|
|
|
|
|
|
U.S. federal |
|
$ |
3,947,400 |
|
$ |
35,561 |
|
$ |
(190,869 |
) |
Foreign |
|
5,313,874 |
|
3,343,374 |
|
250,190 |
|
State and local |
|
264,269 |
|
698,362 |
|
374,029 |
|
|
|
9,525,543 |
|
4,077,297 |
|
433,350 |
|
|
|
|
|
|
|
|
|
Deferred expense |
|
359,535 |
|
2,469,953 |
|
146,550 |
|
|
|
$ |
9,885,078 |
|
$ |
6,547,250 |
|
$ |
579,900 |
|
|
Schedule of difference between income tax expense computed by applying the statutory tax rate to income (loss) before income taxes |
|
|
2012 |
|
2011 |
|
2010 |
|
Computed “expected” tax expense |
|
$ |
8,944,935 |
|
$ |
5,909,358 |
|
$ |
(218,546 |
) |
Increase (decrease) in income taxes resulting from: |
|
|
|
|
|
|
|
Change in effective rates used for deferred taxes |
|
— |
|
(503,693 |
) |
— |
|
Nondeductible expenses and other |
|
768,652 |
|
534,742 |
|
548,943 |
|
State and local taxes, net of federal benefit |
|
171,491 |
|
606,843 |
|
249,503 |
|
|
|
$ |
9,885,078 |
|
$ |
6,547,250 |
|
$ |
579,900 |
|
|
Schedule of components of net deferred tax liabilities |
|
|
2012 |
|
2011 |
|
Deferred tax assets |
|
|
|
|
|
Foreign tax credits |
|
$ |
473,405 |
|
$ |
2,034,130 |
|
Net operating loss carry forwards |
|
462,548 |
|
776,647 |
|
Other |
|
92,983 |
|
— |
|
Total deferred tax assets |
|
1,028,936 |
|
2,810,777 |
|
Deferred tax liability |
|
|
|
|
|
Property, equipment, and intangible asset |
|
(8,646,047 |
) |
(10,068,353 |
) |
Total deferred tax liabilities |
|
$ |
(7,617,111 |
) |
$ |
(7,257,576 |
) |
|
Schedule of classification of deferred tax items in accompanying balance sheet |
|
|
2012 |
|
2011 |
|
|
|
|
|
|
|
Current assets |
|
$ |
— |
|
$ |
— |
|
Noncurrent (liabilities) |
|
(7,617,111 |
) |
(7,257,576 |
) |
|
|
$ |
(7,617,111 |
) |
$ |
(7,257,576 |
) |
|