Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Domestic and Foreign Income Taxes |
The components of income before income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2014 |
Domestic |
$ |
19,874 |
|
|
$ |
17,860 |
|
|
$ |
14,505 |
|
Foreign |
(3,507 |
) |
|
(17,568 |
) |
|
(8,213 |
) |
Income before provision for income taxes |
$ |
16,367 |
|
|
$ |
292 |
|
|
$ |
6,292 |
|
|
| Income Tax Provision (Benefit) |
The components of the provision (benefit) for income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2014 |
Current: |
|
|
|
|
|
|
|
|
Federal |
$ |
1,304 |
|
|
$ |
224 |
|
|
$ |
(2,659 |
) |
State |
303 |
|
|
603 |
|
|
1,826 |
|
Foreign |
(106 |
) |
|
443 |
|
|
(814 |
) |
|
1,501 |
|
|
1,270 |
|
|
(1,647 |
) |
Deferred: |
|
|
|
|
|
|
|
|
Federal |
2,341 |
|
|
3,861 |
|
|
(3,263 |
) |
State |
106 |
|
|
134 |
|
|
574 |
|
Foreign |
422 |
|
|
(289 |
) |
|
245 |
|
|
2,869 |
|
|
3,706 |
|
|
(2,444 |
) |
|
$ |
4,370 |
|
|
$ |
4,976 |
|
|
$ |
(4,091 |
) |
|
| Deferred Income Tax Assets and Liabilities |
Deferred tax assets and liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2016 |
|
2015 |
Deferred tax assets: |
|
|
|
|
|
Compensation accruals |
$ |
4,259 |
|
|
$ |
3,330 |
|
Reserves |
4,597 |
|
|
3,651 |
|
Other accruals |
732 |
|
|
2,252 |
|
Net operating losses |
8,044 |
|
|
8,220 |
|
Interest rate swaps |
1,500 |
|
|
1,804 |
|
Energy efficiency |
14,449 |
|
|
18,110 |
|
Deferred revenue |
1,351 |
|
|
1,479 |
|
Gross deferred income tax assets |
34,932 |
|
|
38,846 |
|
Valuation allowance |
(7,344 |
) |
|
(7,122 |
) |
Total deferred income tax assets |
$ |
27,588 |
|
|
$ |
31,724 |
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
$ |
(30,974 |
) |
|
$ |
(32,542 |
) |
Contract refinancing |
(217 |
) |
|
(304 |
) |
Canada |
(1,901 |
) |
|
(2,234 |
) |
United Kingdom |
(697 |
) |
|
(538 |
) |
Outside basis difference |
(2,756 |
) |
|
(2,133 |
) |
Acquisition accounting |
(80 |
) |
|
(116 |
) |
Total deferred income tax liabilities |
(36,625 |
) |
|
(37,867 |
) |
Deferred income tax liabilities, net |
$ |
(9,037 |
) |
|
$ |
(6,143 |
) |
|
| Reconciliation of Effective Tax Rates |
The following is a reconciliation of the effective tax rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2016 |
|
2015 |
|
2014 |
Income before income tax |
$ |
16,367 |
|
|
$ |
292 |
|
|
$ |
6,292 |
|
Federal statutory tax expense |
$ |
5,728 |
|
|
$ |
102 |
|
|
$ |
2,202 |
|
State income taxes, net of Federal benefit |
678 |
|
|
604 |
|
|
666 |
|
Net state impact of deferred rate change |
(110 |
) |
|
55 |
|
|
264 |
|
Non deductible expenses |
670 |
|
|
933 |
|
|
764 |
|
Impact of reserve for uncertain tax positions |
(411 |
) |
|
(1,772 |
) |
|
(977 |
) |
Stock-based compensation expense |
306 |
|
|
402 |
|
|
415 |
|
Energy efficiency preferences |
(4,130 |
) |
|
(3,280 |
) |
|
(9,517 |
) |
Foreign items and rate differential |
516 |
|
|
1,556 |
|
|
719 |
|
Valuation allowance |
213 |
|
|
4,255 |
|
|
1,408 |
|
Energy partnership basis adjustments |
— |
|
|
2,133 |
|
|
— |
|
Miscellaneous |
910 |
|
|
(12 |
) |
|
(35 |
) |
|
$ |
4,370 |
|
|
$ |
4,976 |
|
|
$ |
(4,091 |
) |
Effective tax rate: |
|
|
|
|
|
|
|
Federal statutory rate expense |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes, net of Federal benefit |
4.1 |
% |
|
206.8 |
% |
|
10.6 |
% |
Net state impact of deferred rate change |
(0.7 |
)% |
|
18.8 |
% |
|
4.2 |
% |
Non deductible expenses |
4.1 |
% |
|
319.5 |
% |
|
12.1 |
% |
Impact of reserve for uncertain tax positions |
(2.5 |
)% |
|
(606.8 |
)% |
|
(15.5 |
)% |
Stock-based compensation expense |
1.9 |
% |
|
137.7 |
% |
|
6.6 |
% |
Energy efficiency preferences |
(25.2 |
)% |
|
(1,123.3 |
)% |
|
(151.3 |
)% |
Foreign items and rate differential |
3.2 |
% |
|
532.9 |
% |
|
11.4 |
% |
Valuation allowance |
1.3 |
% |
|
1,457.2 |
% |
|
22.4 |
% |
Energy partnership basis adjustments |
— |
% |
|
730.5 |
% |
|
— |
% |
Miscellaneous |
5.5 |
% |
|
(4.1 |
)% |
|
(0.6 |
)% |
|
26.7 |
% |
|
1,704.2 |
% |
|
(65.1 |
)% |
|
| Unrecognized Tax Benefits |
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2016 |
|
2015 |
Balance, beginning of year |
$ |
2,200 |
|
|
$ |
3,700 |
|
Additions for prior year tax positions |
— |
|
|
200 |
|
Settlements paid to tax authorities |
(1,310 |
) |
|
— |
|
Reductions of prior year tax positions |
(290 |
) |
|
(1,700 |
) |
Balance, end of year |
$ |
600 |
|
|
$ |
2,200 |
|
|