Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of income tax expense (in thousands)

	2015		2014		2013
Current income tax expense	$	4,822	$	5,282	$	3,240
Deferred income tax (benefit) expense		(227)		1,273		1,793
Income tax expense	$	4,595	$	6,555	$	5,033

Schedule of reconciliation of income taxes computed at the federal statutory rate to income tax expense (in thousands)

	2015				2014				2013
			Percent of				Percent of				Percent of
			Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income
Income taxes computed at the federal statutory rate	$	6,118	35.0	%	$	9,073	35.0	%	$	6,942	35.0	%
(Reduction) increase in taxes resulting from:
Statutory depletion in excess of cost depletion		(1,708)	(9.8)			(2,139)	(8.2)			(1,965)	(9.9)
Manufacturing deduction		(548)	(3.1)			(574)	(2.2)			(299)	(1.5)
State income taxes, net of federal income tax benefit		309	1.8			104	0.4			132	0.7
Other		424	2.4			91	0.3			223	1.1
Income tax expense	$	4,595	26.3	%	$	6,555	25.3	%	$	5,033	25.4	%

Summary of the Company's deferred tax liabilities and assets (in thousands)

	December 31,		December 31,
	2015		2014
Deferred tax liabilities
Lime and limestone property, plant and equipment	$	18,833	$	20,089
Natural gas interests drilling costs and equipment		3,101		3,387
Other		—		292
		21,934		23,768
Deferred tax assets
Alternative minimum tax credit carry forwards		2,259		3,887
Minimum pension liability		—		346
Fair value liability of interest rate hedges		—		240
Other		491		470
		2,750		4,943
Deferred tax liabilities, net	$	19,184	$	18,825

Current income taxes are classified on the Company’s Consolidated Balance Sheets as follows:

Prepaid expenses and other current assets $ 286 $ 881