Annual report pursuant to section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.8
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2013
INCOME TAXES [Abstract]  
Components of current and deferred federal and state income tax for continuing operations
The components of current and deferred federal and state income tax (benefit) expense for continuing operations for the years ended December 31, consisted of the following (in thousands):

 
 
2013
   
2012
 
Federal income tax benefit - current
 
$
(144
)
 
$
(2,107
)
Federal income tax (benefit) expense - deferred
   
(1,989
)
   
11
 
State income tax expense - current
   
158
     
191
 
State income tax expense (benefit)  - deferred
   
1,350
     
(246
)
Total income tax benefit
 
$
(625
)
 
$
(2,151
)

Schedule of deferred tax assets and liabilities
We had temporary differences and net operating loss carry forwards from both our continuing and discontinued operations, which gave rise to deferred tax assets and liabilities at December 31, as follows (in thousands):
 
Deferred tax assets:
 
2013
   
2012
 
Net operating losses
 
$
6,001
   
$
4,612
 
Environmental and closure reserves
   
2,387
     
4,740
 
Impairment of assets
   
     
505
 
Investment
   
(50
)
   
(59
)
Other
   
3,626
     
3,798
 
Deferred tax liabilities:
               
Depreciation and amortization
   
(3,762
)
   
(6,973
)
Goodwill and indefinite lived intangible assets
   
(1,012
)
   
(902
)
Prepaid expenses
   
(20
)
   
(16
)
 
   
7,170
     
5,705
 
Valuation allowance
   
(8,182
)
   
(5,729
)
Net deferred income tax liabilities
   
(1,012
)
   
(24
)
Overall reconciliation between the expected tax benefit and the provision for income taxes
An overall reconciliation between the expected tax benefit using the federal statutory rate of 34% and the benefit for income taxes from continuing operations as reported in the accompanying consolidated statement of operations is provided below (in thousands).

 
 
2013
   
2012
 
Tax benefit at statutory rate
 
$
(11,880
)
 
$
(1,847
)
State tax benefit, net of federal benefit
   
(102
)
   
(131
)
Permanent items
   
166
     
110
 
Non-deductible Goodwill
   
9,471
     
 
Other
   
125
     
(100
)
Reserve for uncertain tax positions
   
180
     
 
Increase (decrease) in valuation allowance
   
1,415
     
(183
)
Income tax benefit
 
$
(625
)
 
$
(2,151
)

Rollforward of unrecognized tax expense
The Company accounts for uncertainties in income taxes pursuant to ASC 740 (formerly FASB interpretation No. 48, “Accounting for Uncertainties in Income Taxes – an Interpretation of FASB Statement No, 109”) (“FIN 48”).  A reconciliation of the beginning and ending amount of our unrecognized tax expense is summarized as follows (in thousands):

 
 
2013
   
2012
 
Balances at beginning of year
 
$
   
$
 
Addition related to prior year tax position
   
180
     
 
Balances at end of the year
 
$
180
   
$