Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2012
Income Taxes [Abstract]  
Provision (benefit) for income taxes
                         
(In thousands)   2012     2011     2010  

Current

                       

US Federal

  $ 11,173     $ 6,840     $ 5,327  

State

    78       114       131  

Foreign

    2       47       38  

Deferred

    (1,544     423       1,385  
   

 

 

   

 

 

   

 

 

 
    $ 9,709     $ 7,424     $ 6,881  
   

 

 

   

 

 

   

 

 

 
Effective tax rates differ from the statutory federal income tax
                         
    2012     2011     2010  

Statutory Federal Income Tax Rate

    35.0     35.0     35.0

Permanent Items, Net

    (1.8 )%      (2.1 )%      (1.3 )% 

Foreign Tax Benefits

    (1.2 )%      (1.0 )%      (0.1 )% 

State Income Tax (Benefits), Net of Federal Income Tax Benefit

    (0.1 )%      1.4     0.6

Research and Development Tax Credits

    (1.1 )%      (6.1 )%      (3.0 )% 

Other

    (0.1 )%      (1.6 )%      0.3
   

 

 

   

 

 

   

 

 

 

Effective Tax Rate

    30.7     25.6     31.5
   

 

 

   

 

 

   

 

 

 
Significant components of the Company's deferred tax assets and liabilities
                 
(In thousands)   2012     2011  

Deferred Tax Assets:

               

Goodwill and Intangible Assets

  $ 6,918     $ 7,226  

Asset Reserves

    4,901       3,633  

Deferred Compensation

    6,656       3,907  

State Investment Tax Credit Carryforwards, Net of Federal Tax

    665       657  

Customer Advanced Payments and Deferred Revenue

    1,113       476  

State Net Operating Loss Carryforwards and Other

    729       567  
   

 

 

   

 

 

 

Total Gross Deferred Tax Assets

    20,982       16,466  

Valuation Allowance for State and Foreign Deferred Tax Assets and Tax Credit Carryforwards, Net of Federal Tax

    (2,190     (1,898
   

 

 

   

 

 

 

Deferred Tax Assets

    18,792       14,568  
   

 

 

   

 

 

 

Deferred Tax Liabilities:

               

Depreciation

    4,806       4,322  
   

 

 

   

 

 

 

Deferred Tax Liabilities

    4,806       4,322  
   

 

 

   

 

 

 

Net Deferred Tax Asset

  $ 13,986     $ 10,246  
   

 

 

   

 

 

 
Components of the net deferred tax assets and liabilities
                 
(In thousands)   2012     2011  

Deferred Tax Asset — Current

  $ 4,967     $ 3,207  

Deferred Tax Asset — Long-term

    9,019       7,039  
   

 

 

   

 

 

 

Net Deferred Tax Asset

  $ 13,986     $ 10,246  
   

 

 

   

 

 

 
Reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties
                         
(in thousands)   2012     2011     2010  

Balance at Beginning of the Year

  $ 880     $ 1,470     $ 940  

Decreases as a Result of Tax Positions Taken in Prior Years

    (220     (1,090     (270

Increases as a Result of Tax Positions taken in the Current Year

    180       500       800  
   

 

 

   

 

 

   

 

 

 

Balance at End of the Year

  $ 840     $ 880     $ 1,470