Annual report pursuant to Section 13 and 15(d)

Income Taxes

v2.4.0.6
Income Taxes
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Income Taxes

 

(4)  Income Taxes

 

Income taxes consists of the following:

 

Provision for taxes            
    2012     2011  
Current:            
Federal   $ 3,910     $ 6,764  
State     1,267       2,189  
     Total current     5,177       8,953  
Deferred:                
Federal     (105 )     104  
State     (29 )     28  
     Total deferred     (134 )     132  
                 
Income tax expense (benefit)   $ 5,043     $ 9,085  

 

 

Deferred taxes consists of:            
      December 31,  
    2012     2011  
 Deferred tax assets:            
             
 Prepaid Expenses   $ (16 )   $ (909 )
 Fixed Assets     1,591       1,791  
 Unrealized Losses     -       559  
 Total deferred tax assets     1,575       1,441  
 Valuation allowance     -       -  
 Net deferred tax assets   $ 1,575     $ 1,441  

 

The expense or benefit for income taxes differs from the amount computed by applying the U.S. federal  
income tax rate of 35% to income or loss before income taxes as follows for the years ended:        
             
    2012     2011  
             
 U.S. federal income tax expense\(benefit) at statutory rates     3,999       7,197  
 Permanent differences     2       -  
 State income tax expense\(benefit), net of federal impact     1,048       1,848  
 Other     (6 )     40  
 Change in valuation allowance     -       -  
      5,043       9,085  

 

Reconciliation of change in the net deferred tax assets and liabilities:      
       
    2012  
Net change in deferred income tax assets and liabilities from the preceeding table:   $ (134 )
Net change in deferred income tax assets and liabilities associated with Other Comprehensive Income     -  
         
Deferred income tax benefit for the period     (134 )