XML 22 R48.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Components of Income Tax Expense (Benefit)

Following is a summary of the (benefit from) provision for income taxes (in thousands):



Years Ended December 31,	2013			2012			2011
Federal:
Current	$	(1,298	)	$	10,410		$	11,136
Deferred	(18,606		)	9,518			7,914
Total federal	(19,904		)	19,928			19,050
State:
Current	1,592			4,689			2,952
Deferred	(951		)	(3,508		)	1,346
Total state	641			1,181			4,298
Total (benefit from) provision for income taxes	$	(19,263	)	$	21,109		$	23,348

Schedule of Effective Income Tax Rate Reconciliation

Following is a reconciliation of our (benefit from) provision for income taxes based on the Federal statutory tax rate to our effective tax rate (dollars in thousands):



Years Ended December 31,	2013					2012					2011
Federal statutory tax	$	(22,411	)	35.0	%	$	28,360		35.0	%	$	31,301		35.0	%
State taxes, net of federal tax benefit	101			(0.2	)	5,299			6.5		3,497			3.9
Valuation allowance release	—			—		(5,803		)	(7.2	)	—			—
Percentage depletion deduction	(787		)	1.2		(1,422		)	(1.8	)	(1,254		)	(1.4	)
Domestic production deduction	(27		)	0.1		(1,367		)	(1.7	)	(1,604		)	(1.8	)
Non-controlling interests	2,920			(4.6	)	(5,124		)	(6.3	)	(5,223		)	(5.8	)
Settlements and effective settlements of audit issues	—			—		—			—		(2,348		)	(2.6	)
Nondeductible expenses	2,384			(3.7	)	1,918			2.4		1,000			1.1
Other	(1,443		)	2.3		(752		)	(0.8	)	(2,021		)	(2.3	)
Total	$	(19,263	)	30.1	%	$	21,109		26.1	%	$	23,348		26.1	%

Schedule of Deferred Tax Assets and Liabilities

The above amounts are reflected in the accompanying consolidated balance sheets as follows (in thousands):



December 31,	2013		2012
Current deferred tax assets, net	$	55,874	$	36,687
Long-term deferred tax liabilities, net	7,793		8,163
Net deferred tax assets	$	48,081	$	28,524

Following is a summary of the deferred tax assets and liabilities (in thousands):



December 31,	2013			2012
Deferred tax assets:
Receivables	$	2,870		$	2,876
Inventory	4,637			5,611
Insurance	10,813			10,476
Deferred compensation	13,372			14,055
Other accrued liabilities	6,739			7,184
Contract income recognition	11,503			4,171
Impairments on real estate investments	14,313			5,002
Accrued compensation	7,206			6,064
Other	420			416
Net operating loss carryforward	4,439			8,359
Valuation allowance	(3,731		)	(5,242		)
Total deferred tax assets	72,581			58,972
Deferred tax liabilities:
Property and equipment	24,500			30,448
Total deferred tax liabilities	24,500			30,448
Net deferred tax assets	$	48,081		$	28,524

Summary of Valuation Allowance

The following is a summary of the change in valuation allowance (in thousands):



December 31,	2013			2012			2011
Beginning balance	$	5,242		$	10,668		$	13,111
Deductions	(1,511		)	(5,426		)	(2,443		)
Ending balance	$	3,731		$	5,242		$	10,668

Summary of Income Tax Contingencies

The following is a tabular reconciliation of unrecognized tax benefits (in thousands) the balance of which is included in other long-term liabilities on the consolidated balance sheets:



December 31,	2013			2012			2011
Beginning balance	$	2,315		$	2,339		$	5,650
Gross increases – current period tax positions	363			1,017			1,726
Gross decreases – current period tax positions	(638		)	(800		)	(1,420		)
Gross increases – prior period tax positions	508			4			1,485
Gross decreases – prior period tax positions	(2		)	(245		)	(1,467		)
Settlements with taxing authorities/lapse of statute of limitations	(315		)	—			(3,635		)
Ending balance	$	2,231		$	2,315		$	2,339

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References+ Details