Income Taxes (Tables)

12 Months Ended

Oct. 31, 2013

Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following:

	Years Ended October 31,
	2013			2012			2011
	(In thousands)
Current:
Federal	$	63,923		$	23,641		$	(84,207	)
State		5,589			992			(4,420	)
		69,512			24,633			(88,627	)
Deferred:
Federal		(1,389	)		6,435			23,656
State		(5,450	)		(40	)		(11,869	)
Change in valuation allowance		6,823			1,600			9,675
		(16	)		7,995			21,462
	$	69,496		$	32,628		$	(67,165	)

Deferred Tax Assets and Liabilities

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

	October 31,
	2013			2012
	(In thousands)
Deferred tax liabilities:
Property, plant and equipment	$	69,942		$	66,957
Prepaid and other assets		1,765			1,374
Total deferred tax liabilities		71,707			68,331
Deferred tax assets:
Accrued expenses and accounts receivable		9,187			7,742
Inventory		85			670
Compensation on restricted stock		7,514			6,523
State income tax credits		18,098			11,275
Other		2,310			769
Valuation allowance		(18,098	)		(11,275	)
Total deferred tax assets		19,096			15,704
Net deferred tax liabilities	$	52,611		$	52,627
Current deferred tax assets	$	(478	)	$	(3,945	)
Long-term deferred tax liabilities		53,089			56,572
Net deferred tax liabilities	$	52,611		$	52,627

Differences Between Consolidated Effective Income Tax Rate and Federal Statutory Rate

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

	Years Ended October 31,
	2013			2012			2011
	(In thousands)
Income taxes at statutory rate	$	70,040		$	30,300		$	(67,985	)
State income taxes		4,525			1,659			(4,299	)
State income tax credits		(6,823	)		(1,600	)		(9,675	)
Federal income tax credits		(715	)		(130	)		(748	)
Federal manufacturers (deduction) recapture		(6,469	)		(2,191	)		5,281
Nondeductible expenses		2,353			3,008			678
Other, net		(238	)		(18	)		(92	)
Change in valuation allowance		6,823			1,600			9,675
Income tax expense (benefit)	$	69,496		$	32,628		$	(67,165	)