|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Income Tax Disclosure [Abstract] |
|
| Domestic and foreign income taxes |
The components of domestic and foreign income before income taxes as of December 31, 2012, 2011 and 2010, are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|
(Restated) |
|
(Restated) |
Domestic |
$ |
29,400,084 |
|
|
$ |
43,255,574 |
|
|
$ |
35,642,365 |
|
Foreign |
(4,793,198 |
) |
|
924,531 |
|
|
4,056,936 |
|
|
$ |
24,606,886 |
|
|
$ |
44,180,105 |
|
|
$ |
39,699,301 |
|
|
| Income tax provision |
The income tax provision for the years ended December 31, 2012, 2011 and 2010 is as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|
(Restated) |
|
(Restated) |
Current: |
|
|
|
|
|
|
|
|
Federal |
$ |
9,135,447 |
|
|
$ |
(10,073,322 |
) |
|
$ |
10,357,326 |
|
State |
732,514 |
|
|
(273,221 |
) |
|
1,588,801 |
|
Foreign |
177,713 |
|
|
(277,157 |
) |
|
280,064 |
|
|
10,045,674 |
|
|
(10,623,700 |
) |
|
12,226,191 |
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
(2,586,080 |
) |
|
18,724,198 |
|
|
(741,160 |
) |
State |
85,387 |
|
|
1,826,239 |
|
|
(368,604 |
) |
Foreign |
(1,298,228 |
) |
|
840,435 |
|
|
1,069,208 |
|
|
(3,798,921 |
) |
|
21,390,872 |
|
|
(40,556 |
) |
|
$ |
6,246,753 |
|
|
$ |
10,767,172 |
|
|
$ |
12,185,635 |
|
|
| Deferred income tax assets and liabilites |
Deferred income tax assets and liabilities at December 31, 2012 and 2011 consist of the following:
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|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
Deferred income tax assets: |
|
|
|
|
|
Compensation accruals |
$ |
2,151,789 |
|
|
$ |
1,710,319 |
|
Reserves |
2,603,512 |
|
|
2,296,691 |
|
Other accruals |
1,302,684 |
|
|
541,408 |
|
Net operating losses |
267,996 |
|
|
334,033 |
|
Interest rate swaps |
3,125,847 |
|
|
2,601,154 |
|
Credits |
1,225,197 |
|
|
3,434,973 |
|
Deferred revenue |
1,336,827 |
|
|
— |
|
Gross deferred income tax assets |
12,013,852 |
|
|
10,918,578 |
|
Valuation allowance |
(2,827,444 |
) |
|
(2,869,637 |
) |
Total deferred income tax assets |
$ |
9,186,408 |
|
|
$ |
8,048,941 |
|
Deferred income tax liabilities: |
|
|
|
|
|
Depreciation |
$ |
(26,839,863 |
) |
|
$ |
(27,787,503 |
) |
Contract refinancing |
(725,328 |
) |
|
(1,029,451 |
) |
Canada |
(949,850 |
) |
|
(2,248,078 |
) |
Acquisition accounting |
(368,878 |
) |
|
(480,341 |
) |
Total deferred income tax liabilities |
(28,883,919 |
) |
|
(31,545,373 |
) |
Deferred income tax assets and liabilities, net |
$ |
(19,697,511 |
) |
|
$ |
(23,496,432 |
) |
|
| Reconciliation of effective tax rates |
The following is a reconciliation of the effective tax rates for 2012, 2011 and 2010:
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|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|
(Restated) |
|
(Restated) |
Income before income tax |
$ |
24,606,886 |
|
|
$ |
44,180,105 |
|
|
$ |
39,699,301 |
|
|
|
|
|
|
|
Federal statutory tax expense |
$ |
8,612,410 |
|
|
$ |
15,463,037 |
|
|
$ |
13,894,755 |
|
State income taxes, net of federal benefit |
817,901 |
|
|
1,553,018 |
|
|
1,220,197 |
|
Net state impact of deferred rate change |
— |
|
|
(259,339 |
) |
|
— |
|
Non deductible expenses |
2,611,576 |
|
|
115,629 |
|
|
99,128 |
|
Stock-based compensation expense |
336,564 |
|
|
240,557 |
|
|
12,132 |
|
Energy efficiency preferences |
(7,032,798 |
) |
|
(6,247,283 |
) |
|
(4,246,589 |
) |
Foreign items and rate differential |
557,104 |
|
|
239,692 |
|
|
(70,656 |
) |
Miscellaneous |
343,996 |
|
|
(338,139 |
) |
|
1,276,668 |
|
|
$ |
6,246,753 |
|
|
$ |
10,767,172 |
|
|
$ |
12,185,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
|
2010 |
|
|
|
|
(Restated) |
|
(Restated) |
Effective tax rate: |
|
|
|
|
|
|
|
|
Federal statutory rate expense |
|
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes, net of federal benefit |
|
3.3 |
% |
|
3.5 |
% |
|
3.1 |
% |
Net state impact of deferred rate change |
|
— |
% |
|
(0.6 |
)% |
|
— |
% |
Non deductible expenses |
|
10.6 |
% |
|
0.3 |
% |
|
0.3 |
% |
Stock-based compensation expense |
|
1.4 |
% |
|
0.5 |
% |
|
— |
% |
Energy efficiency preferences |
|
(28.6 |
)% |
|
(14.1 |
)% |
|
(10.7 |
)% |
Foreign items and rate differential |
|
2.3 |
% |
|
0.5 |
% |
|
(0.2 |
)% |
Miscellaneous |
|
1.4 |
% |
|
(0.7 |
)% |
|
3.2 |
% |
|
|
25.4 |
% |
|
24.4 |
% |
|
30.7 |
% |
|
| Unrecognized tax benefits |
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits for the years ended December 31, 2012 and 2011 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
2011 |
Balance, beginning of year |
|
$ |
1,400,000 |
|
|
$ |
8,100,000 |
|
Additions for prior year tax positions |
|
3,500,000 |
|
|
100,000 |
|
Settlements paid to tax authorities |
|
— |
|
|
— |
|
Reductions of prior year tax positions |
|
— |
|
|
(6,800,000 |
) |
Balance, end of year |
|
$ |
4,900,000 |
|
|
$ |
1,400,000 |
|
|