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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

)