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Note 12 - Income Taxes
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6 Months Ended | ||
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Jun. 30, 2014
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| Income Tax Disclosure [Abstract] | |||
| Income Tax Disclosure [Text Block] |
The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision for income taxes. The Company had income tax expense of $30,000 and income tax benefit of $132,000 from continuing operations for the three months ended June 30, 2014 and the corresponding period of 2013, respectively, and income tax expense of $60,000 and income tax benefit of $1,560,000 for the six months ended June 30, 2014 and the corresponding period of 2013, respectively. The Company’s effective tax rates were approximately (1.5%) and (134.7%) for the three months ended June 30, 2014 and 2013, respectively, and (1.1%) and 37.0% for the six months ended June 30, 2014 and 2013, respectively. For the three and six months ended June 30, 2014 and the corresponding period of 2013, the Company treated the goodwill impairment loss of approximately $380,000 recorded for our SYA subsidiary and the goodwill impairment loss of approximately $1,149,000 recorded for our CHPRC reporting unit, respectively, as discrete items and therefore were not included in our estimated effective tax rates for the three and six months ended June 30, 2014 and for the three and six months ended June 30, 2013, in accordance with ASC 740-270-30-8 (see Note 3 – “Other Intangible Assets and Goodwill” for further information regarding these goodwill impairments). The lower tax rate for the three and six months ended June 30, 2014 as compared to the corresponding period of 2013 was primarily the result of the Company continuing to record a full valuation allowance on its net deferred tax assets. |