| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense |
The income tax expense shown in the consolidated statements of income and comprehensive income consists of the following:
|
|
|
Year Ended December 31, |
|
|
(in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
85 |
|
|
$ |
(91 |
) |
|
$ |
239 |
|
|
State |
|
|
264 |
|
|
|
288 |
|
|
|
334 |
|
|
Total current |
|
|
349 |
|
|
|
197 |
|
|
|
573 |
|
|
Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
2,030 |
|
|
|
5,864 |
|
|
|
5,858 |
|
|
State |
|
|
473 |
|
|
|
475 |
|
|
|
896 |
|
|
Total deferred |
|
|
2,503 |
|
|
|
6,339 |
|
|
|
6,754 |
|
|
Total income tax expense |
|
$ |
2,852 |
|
|
$ |
6,536 |
|
|
$ |
7,327 |
|
|
Significant Components of Net Deferred Tax Liabilities |
Significant components of the Company’s net deferred tax liabilities are as follows:
|
(in thousands) |
|
December 31,
2016 |
|
|
December 31,
2015 |
|
|
Basis differences in equipment |
|
$ |
(31,376 |
) |
|
$ |
(24,162 |
) |
|
Basis differences associated with acquired investments |
|
|
(24,467 |
) |
|
|
(21,612 |
) |
|
Basis differences in intangible assets |
|
|
(1,448 |
) |
|
|
(287 |
) |
|
Net operating losses |
|
|
19,812 |
|
|
|
6,841 |
|
|
Accounts receivable |
|
|
1,303 |
|
|
|
1,673 |
|
|
State income taxes |
|
|
685 |
|
|
|
992 |
|
|
Accruals not currently deductible for income tax purposes |
|
|
8,372 |
|
|
|
7,913 |
|
|
Deferred financing costs |
|
|
(4,391 |
) |
|
|
— |
|
|
Other |
|
|
5,692 |
|
|
|
5,622 |
|
|
Total deferred taxes |
|
|
(25,818 |
) |
|
|
(23,020 |
) |
|
Valuation allowance |
|
|
— |
|
|
|
— |
|
|
Net deferred taxes |
|
$ |
(25,818 |
) |
|
$ |
(23,020 |
) |
|
Reconciliation of Expected Total Income Tax Expense |
A reconciliation of expected total income tax expense, computed using the federal statutory rate on income is as follows:
|
|
|
Year Ended December 31, |
|
|
(in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
U.S. federal tax benefit at statutory rates |
|
$ |
6,664 |
|
|
$ |
10,591 |
|
|
$ |
9,861 |
|
|
State income taxes, net of federal benefit |
|
|
479 |
|
|
|
496 |
|
|
|
800 |
|
|
Earnings from unconsolidated investees |
|
|
451 |
|
|
|
1,187 |
|
|
|
1,629 |
|
|
Noncontrolling interest |
|
|
(5,945 |
) |
|
|
(7,130 |
) |
|
|
(5,209 |
) |
|
Shareholder transaction costs |
|
|
715 |
|
|
|
737 |
|
|
|
— |
|
|
Section 162(m) excess compensation |
|
|
805 |
|
|
|
— |
|
|
|
— |
|
|
Changes in fair value of contingent consideration related to acquisition |
|
|
(508 |
) |
|
|
— |
|
|
|
— |
|
|
Other |
|
|
191 |
|
|
|
655 |
|
|
|
246 |
|
|
Income tax expense |
|
$ |
2,852 |
|
|
$ |
6,536 |
|
|
$ |
7,327 |
|
|
Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
(in thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Unrecognized tax benefits at January 1 |
|
$ |
229 |
|
|
$ |
269 |
|
|
$ |
287 |
|
|
Increases for positions taken in current year |
|
|
97 |
|
|
|
51 |
|
|
|
64 |
|
|
Increases for positions taken in a prior year |
|
|
5 |
|
|
|
— |
|
|
|
31 |
|
|
Decreases for positions taken in a prior year |
|
|
(9 |
) |
|
|
(11 |
) |
|
|
— |
|
|
Decreases for lapses in the applicable statute of limitations |
|
|
(50 |
) |
|
|
(80 |
) |
|
|
(113 |
) |
|
Decreases for settlements with taxing authorities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Unrecognized tax benefits at December 31 |
|
$ |
272 |
|
|
$ |
229 |
|
|
$ |
269 |
|
|