Provision For Income Taxes

3 Months Ended

Mar. 31, 2013

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 Three Months Ended
	March 31,
	2013			2012
Current:
Federal	$	1,176,711		$	633,372
State and local		426,571			312,346
Total current		1,603,282			945,718
Deferred		(192,090	)		(185,805	)
Provision for income taxes	$	1,411,192		$	759,913

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

	For the Three Months Ended
	March 31,
	2013						2012
	Amount			Percentage			Amount			Percentage
Federal income tax expense computed at the statutory rate	$	1,284,123			34.0	%	$	630,667			34.0	%
State and local tax expense, net		281,160			7.4	%		215,169			11.6	%
U.S. domestic manufacturers' deduction & other permanent differences		(154,091	)		(4.0	)%		(52,493	)		(2.8	)%
Change in tax estimate		0			0.0	%		(33,430	)		(1.8	)%
Provision for income taxes	$	1,411,192			37.4	%	$	759,913			41.0	%

Amounts for deferred tax assets and liabilities are as follows:

	March 31,						December 31,
	2013			2012			2012
Non-current deferred tax assets (liabilities) arising from: Temporary differences -
Accumulated depreciation and amortization
from purchase accounting adjustments	$	(3,017,346	)	$	( 3,562,647	)	$	( 3,164,716	)
Capital loss carry-forwards		108,212			167,690			136,198
Total non-current net deferred tax liabilities		(2,909,134	)		( 3,394,957	)		( 3,028,518	)
Current deferred tax assets arising from:
Unrealized losses (gain) on investments		(52,952	)		( 35,329	)		( 41,260	)
Inventory		316,028			232,324			265,072
Allowance for doubtful accounts and  discounts		32,625			4,350			10,875
Allowance for promotions		0			65,249			0
Capital loss carry-back		0			91,369			0
Total current deferred tax assets		295,701			357,963			234,687
Net deferred tax liability	$	(2,613,433	)	$	( 3,036,994	)	$	( 2,793,831	)