Income Taxes (Tables)

12 Months Ended

Dec. 26, 2015

Significant components of the provision for income taxes are as follows:


	2015		2014		2013
	(in thousands)
Current:
Federal	$	42,391	$	30,595	$	24,090
State		7,403		8,262		6,723

Total current		49,794		38,857		30,813
Deferred:
Federal		6,279		15,407		11,116
State		523		587		220

Total deferred		6,802		15,994		11,336

Total provision for income taxes	$	56,596	$	54,851	$	42,149

The Company’s reconciliations to statutory rates are as follows:


	2015			2014			2013
Statutory rate		35.0	%		35.0	%		35.0	%
State income taxes, net of federal benefit		3.4			4.0			4.1
Deduction relating to U.S. production activities		(2.7	)		(2.1	)		(2.2	)
Change in uncertain tax positions		—			—			(0.9	)
Other		0.8			0.8			1.5

		36.5	%		37.7	%		37.5	%

Significant components of the Company’s deferred tax assets and liabilities are as follows at:


	December 26,			December 27,
	2015			2014
	(in thousands)
Deferred tax assets:
Accrued expenses	$	7,435		$	5,087
Stock-based compensation expense		9,493			9,342
Inventory		2,398			4,534
Other		4,154			2,886

Total deferred tax assets		23,480			21,849
Valuation allowance		(1,036	)		(1,049	)

Total deferred tax assets net of valuation allowance		22,444			20,800
Deferred tax liabilities:
Property, plant and equipment		(69,226	)		(61,057	)
Prepaid expenses		(1,475	)		(1,080	)
Goodwill		(761	)		(695	)

Total deferred tax liabilities		(71,462	)		(62,832	)

Net deferred tax liabilities	$	(49,018	)	$	(42,032	)

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


	2015			2014
	(in thousands)
Balance at beginning of year	$	368		$	619
Increases related to current year tax positions		44			40
Increases related to prior year tax positions		117			—
Decreases related to settlements		—			(270	)
Decreases related to lapse of statute of limitations		(43	)		(21	)

Balance at end of year	$	486		$	368