Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Schedule of income tax expense (in thousands)

	2016		2015		2014
Current income tax expense	$	5,087	$	4,822	$	5,282
Deferred income tax expense (benefit)		777		(227)		1,273
Income tax expense	$	5,864	$	4,595	$	6,555

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

	2016				2015				2014
			Percent of				Percent of				Percent of
			Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income
Income taxes computed at the federal statutory rate	$	8,266	35.0	%	$	6,118	35.0	%	$	9,073	35.0	%
(Reduction) increase in taxes resulting from:
Statutory depletion in excess of cost depletion		(1,854)	(7.9)			(1,708)	(9.8)			(2,139)	(8.2)
Manufacturing deduction		(666)	(2.8)			(548)	(3.1)			(574)	(2.2)
State income taxes, net of federal income tax benefit		202	0.9			309	1.8			104	0.4
Other		(84)	(0.4)			424	2.4			91	0.3
Income tax expense	$	5,864	24.8	%	$	4,595	26.3	%	$	6,555	25.3	%

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

	December 31,		December 31,
	2016		2015
Deferred tax liabilities
Lime and limestone property, plant and equipment	$	17,907	$	18,833
Natural gas interests drilling costs and equipment		2,811		3,101
		20,718		21,934
Deferred tax assets
Alternative minimum tax credit carry forwards		296		2,259
Fair value liability of foreign exchange hedges		129		—
Other		461		491
		886		2,750
Deferred tax liabilities, net	$	19,832	$	19,184

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

Prepaid expenses and other current assets $ 75 $ 286