Provision For Income Taxes

9 Months Ended

Sep. 30, 2012

Provision For Income Taxes [Abstract]

Provision For Income Taxes

Note 10 – PROVISION FOR INCOME TAXES

The provision for income taxes consists of the following:

	For the Nine Months Ended
	September 30,
	2012			2011
Current:
Federal	$	2,318,292		$	1,422,579
State and local		623,348			879,463
Total current		2,941,640			2,302,042
Deferred		( 458,424	)		( 186,677	)
Provision for income taxes	$	2,483,216		$	2,115,365

A reconciliation of the provision for income taxes and the income tax computed at the statutory rate is as follows:

	For the Nine Months Ended
	September 30,
	2012					2011
	Amount			Percentage		Amount			Percentage
Federal income tax expense computed at the statutory rate	$	2,390,034			34.0%	$	1,814,484			34.0%
State and local tax expense, net		667,804			9.5%		506,988			9.5%
U.S. domestic manufacturers' discount & other permanent differences		( 368,403	)		(5.2%)		( 146,938	)		(2.8%)
Change in tax estimate		( 206,219	)		(2.9%)		( 59,169	)		(1.1%)
Provision for income taxes	$	2,483,216			35.4%	$	2,115,365			39.6%

Amounts for deferred tax assets and liabilities are as follows:

	September 30,						December 31,
	2012			2011			2011
Non-current deferred tax assets (liabilities) arising from: Temporary differences -
Accumulated depreciation and amortization
from purchase accounting adjustments	$	( 3,279,737	)	$	( 3,584,660	)	$	( 3,671,285	)
Capital loss carry-forwards		167,208			271,568			167,690
Total non-current net deferred tax liabilities		( 3,112,529	)		( 3,313,092	)		( 3,503,595	)
Current deferred tax assets arising from:
Unrealized losses (gain) on investments		( 67,596	)		61,810			6,890
Impairment of investments		0			0			15,673
Inventory		248,633			257,963			220,408
Allowance for doubtful accounts and  discounts		134,850			138,228			4,350
Capital loss carry-back		0			0			91,369
Total current deferred tax assets		315,887			458,001			338,690
Net deferred tax liability	$	( 2,796,642	)	$	( 2,855,091	)	$	( 3,164,905	)