Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

	Years Ended December 31,
	2014			2013
Current:
Federal	$	415		$	262
State		142			66
		557			328
Deferred:
Federal		(46	)		139
State (including the impact due to the change in income tax rate of $99 in 2013)		(15	)		80
		(61	)		219
	$	496		$	547

Net Deferred Income Tax Provision

The following summarizes the estimated tax effect of temporary differences that are included in the net deferred income tax provision:

	Years Ended December 31,
	2014			2013
Depreciation	$	213		$	212
Deferred grant income		(339	)		(551	)
Track maintenance credit		1,123			821
Accrued casualty and other claims		19			(25	)
Accrued compensated time off and related payroll taxes		(17	)		(19	)
Share based compensation		(41	)		(27	)
Other (including the impact due to the change in the state income tax of $99 in 2013)		(167	)		65
Change in valuation allowance		(852	)		(257	)
	($	61	)	$	219

Net Deferred Income Tax Liability

The tax effect of significant items comprising the Company’s net deferred income tax liability as of December 31, 2014 and 2013 are as follows:

	December 31,
	2014			2013
Deferred income tax liabilities - Differences between book and tax basis of property and equipment	$	18,802		$	18,647
Deferred income tax assets:
Deferred grant income		4,714			4,267
Track maintenance credit carry forwards		1,456			2,579
Alternative minimum tax carry forwards		75			75
Accrued casualty and other claims		146			164
Accrued compensated time off and related payroll taxes		261			244
Share based compensation		281			240
Allowance for doubtful accounts and other		101			101
		7,034			7,670
Valuation allowance		(1,456	)		(2,308	)
Net deferred income tax liability	$	13,224		$	13,285

Summary of Reconciliation of the U.S. Federal Statutory Rate to the Effective Tax Rate

A reconciliation of the U.S. federal statutory rate to the effective tax rate is as follows:

	Years Ended December 31,
	2014			2013
Federal statutory rate		34	%		34	%
Nondeductible expenses, state income taxes, and other (including 5% in relation to the change in net deferred state income tax liability in 2013)		3			7
Change in valuation allowance		(23	)		(13	)
Effective tax rate		14	%		28	%