Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

of the income tax expense (benefit) are as follows (in thousands):

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



	Year ended December 31,
	2013		2012		2011
Federal statutory tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit	2.8		2.3		2.3
Change in valuation allowance	—		(41.0	)	(8.5	)
Warrant liability fair value adjustment	—		(2.0	)	(8.5	)
Domestic production activities deduction	(2.6	)	(3.0	)	(1.2	)
Other	1.3		(0.8	)	0.9
Effective income tax rate	36.5	%	(9.5	)%	20.0	%

The components of deferred tax assets and liabilities are as follows (in thousands):



	December 31,
	2013			2012
Deferred tax assets:
Net operating loss carryforwards	$	11,665		$	12,285
Allowance for doubtful accounts	383			262
Inventory valuation reserves	1,503			1,109
Equity compensation	3,693			4,216
Intangible assets and goodwill	—			13,061
Accrued compensation	598			—
Other	1			2
Total gross deferred tax assets	17,843			30,935
Valuation allowance	(856		)	(835		)
Total deferred tax assets, net	16,987			30,100
Deferred tax liabilities:
Property and equipment	(12,374		)	(8,227		)
Intangible assets and goodwill	(9,587		)	—
Convertible debt	(5,020		)	(4,785		)
Prepaid insurance and other	(47		)	(520		)
Total gross deferred tax liabilities	(27,028		)	(13,532		)
Net deferred tax (liabilities) assets	$	(10,041	)	$	16,568

Deferred taxes are presented in the balance sheets as follows (in thousands):



	December 31,
	2013			2012
Current deferred tax assets	$	2,522		$	1,274
Non-current deferred tax assets	15,012			16,045
Non-current deferred tax liabilities	(27,575		)	(751		)
Net deferred tax (liabilities) assets	$	(10,041	)	$	16,568