Income Taxes (Tables)

12 Months Ended

Oct. 31, 2012

Income tax expense (benefit) consisted of the following:


	Years Ended October 31,
	2012			2011			2010
	(In thousands)
Current:
Federal	$	23,641		$	(84,207	)	$	63,479
State		992			(4,420	)		5,291

		24,633			(88,627	)		68,770
Deferred:
Federal		6,435			23,656			2,622
State		(40	)		(11,869	)		1,043
Change in valuation allowance		1,600			9,675			0

		7,995			21,462			3,665

	$	32,628		$	(67,165	)	$	72,435

Significant components of the Company’s deferred tax assets and liabilities were as follows:


	October 31,
	2012			2011
	(In thousands)
Deferred tax liabilities:
Property, plant and equipment	$	66,957		$	65,015
Prepaid and other assets		1,374			1,420

Total deferred tax liabilities		68,331			66,435
Deferred tax assets:
Accrued expenses and accounts receivable		7,742			8,344
Inventory		670			3,575
Compensation on restricted stock		6,523			8,504
State income tax credits carryforward		11,275			9,675
Other		769			1,380
Valuation allowance		(11,275	)		(9,675	)

Total deferred tax assets		15,704			21,803

Net deferred tax liabilities	$	52,627		$	44,632

Current deferred tax assets	$	(3,945	)	$	(6,357	)
Long-term deferred tax liabilities		56,572			50,989

Net deferred tax liabilities	$	52,627		$	44,632

The differences between the consolidated effective income tax rate and the federal statutory rate of 35.0% are as follows:


	Years Ended October 31,
	2012			2011			2010
	(In thousands)
Income taxes at statutory rate	$	30,300		$	(67,985	)	$	72,539
State income taxes		1,659			(4,299	)		4,117
State income tax credits		(1,600	)		(9,675	)		(273	)
Federal income tax credits		(130	)		(748	)		(463	)
Federal manufacturers (deduction) recapture		(2,191	)		5,281			(4,129	)
Nondeductible expenses		3,008			678			639
Other, net		(18	)		(92	)		5
Change in valuation allowance		1,600			9,675			0

Income tax expense (benefit)	$	32,628		$	(67,165	)	$	72,435