Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Domestic and Foreign Income Taxes |
The components of income before income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
Domestic |
$ |
29,792 |
|
|
$ |
19,874 |
|
|
$ |
17,860 |
|
Foreign |
(1,075 |
) |
|
(3,507 |
) |
|
(17,568 |
) |
Income before (benefit) provision for income taxes |
$ |
28,717 |
|
|
$ |
16,367 |
|
|
$ |
292 |
|
|
| Income Tax Provision (Benefit) |
The components of the (benefit) provision for income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
Current: |
|
|
|
|
|
|
|
|
Federal |
$ |
(1,055 |
) |
|
$ |
1,304 |
|
|
$ |
224 |
|
State |
671 |
|
|
303 |
|
|
603 |
|
Foreign |
161 |
|
|
(106 |
) |
|
443 |
|
|
(223 |
) |
|
1,501 |
|
|
1,270 |
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
(6,683 |
) |
|
2,341 |
|
|
3,861 |
|
State |
1,853 |
|
|
106 |
|
|
134 |
|
Foreign |
262 |
|
|
422 |
|
|
(289 |
) |
|
(4,568 |
) |
|
2,869 |
|
|
3,706 |
|
|
$ |
(4,791 |
) |
|
$ |
4,370 |
|
|
$ |
4,976 |
|
|
| Deferred Income Tax Assets and Liabilities |
Deferred tax assets and liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2017 |
|
2016 |
Deferred tax assets: |
|
|
|
|
|
Compensation accruals |
$ |
3,042 |
|
|
$ |
4,259 |
|
Reserves |
2,149 |
|
|
4,597 |
|
Other accruals |
(193 |
) |
|
732 |
|
Net operating losses |
10,099 |
|
|
8,044 |
|
Interest rate swaps |
866 |
|
|
1,500 |
|
Energy efficiency |
22,716 |
|
|
14,449 |
|
Deferred revenue |
815 |
|
|
1,351 |
|
Gross deferred income tax assets |
39,494 |
|
|
34,932 |
|
Valuation allowance |
(7,534 |
) |
|
(7,344 |
) |
Total deferred income tax assets |
$ |
31,960 |
|
|
$ |
27,588 |
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
$ |
(24,178 |
) |
|
$ |
(30,974 |
) |
Contract refinancing |
— |
|
|
(217 |
) |
Canada |
(3,156 |
) |
|
(1,901 |
) |
United Kingdom |
(802 |
) |
|
(697 |
) |
Outside basis difference |
(4,408 |
) |
|
(2,756 |
) |
Acquisition accounting |
— |
|
|
(80 |
) |
Total deferred income tax liabilities |
(32,544 |
) |
|
(36,625 |
) |
Deferred income tax liabilities, net |
$ |
(584 |
) |
|
$ |
(9,037 |
) |
|
| Reconciliation of Effective Tax Rates |
The following is a reconciliation of the effective tax rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2017 |
|
2016 |
|
2015 |
Income before (benefit) provision for income taxes |
$ |
28,717 |
|
|
$ |
16,367 |
|
|
$ |
292 |
|
Federal statutory tax expense |
$ |
10,048 |
|
|
$ |
5,728 |
|
|
$ |
102 |
|
State income taxes, net of Federal benefit |
1,584 |
|
|
678 |
|
|
604 |
|
Net state impact of deferred rate change |
327 |
|
|
(110 |
) |
|
55 |
|
Non deductible expenses |
1,473 |
|
|
670 |
|
|
933 |
|
Impact of reserve for uncertain tax positions |
42 |
|
|
(411 |
) |
|
(1,772 |
) |
Stock-based compensation expense |
116 |
|
|
306 |
|
|
402 |
|
Energy efficiency preferences |
(6,416 |
) |
|
(4,130 |
) |
|
(3,280 |
) |
Foreign items and rate differential |
139 |
|
|
516 |
|
|
1,556 |
|
Tax rate change |
(13,948 |
) |
|
— |
|
|
— |
|
Valuation allowance |
424 |
|
|
213 |
|
|
4,255 |
|
Energy partnership basis adjustments |
— |
|
|
— |
|
|
2,133 |
|
Miscellaneous |
1,420 |
|
|
910 |
|
|
(12 |
) |
|
$ |
(4,791 |
) |
|
$ |
4,370 |
|
|
$ |
4,976 |
|
Effective tax rate: |
|
|
|
|
|
|
|
Federal statutory rate expense |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes, net of Federal benefit |
5.5 |
% |
|
4.1 |
% |
|
206.8 |
% |
Net state impact of deferred rate change |
1.1 |
% |
|
(0.7 |
)% |
|
18.8 |
% |
Non deductible expenses |
5.1 |
% |
|
4.1 |
% |
|
319.5 |
% |
Impact of reserve for uncertain tax positions |
0.1 |
% |
|
(2.5 |
)% |
|
(606.8 |
)% |
Stock-based compensation expense |
0.4 |
% |
|
1.9 |
% |
|
137.7 |
% |
Energy efficiency preferences |
(22.3 |
)% |
|
(25.2 |
)% |
|
(1,123.3 |
)% |
Foreign items and rate differential |
0.5 |
% |
|
3.2 |
% |
|
532.9 |
% |
Tax rate change |
(48.6 |
)% |
|
— |
% |
|
— |
% |
Valuation allowance |
1.5 |
% |
|
1.3 |
% |
|
1,457.2 |
% |
Energy partnership basis adjustments |
— |
% |
|
— |
% |
|
730.5 |
% |
Miscellaneous |
4.9 |
% |
|
5.5 |
% |
|
(4.1 |
)% |
|
(16.7 |
)% |
|
26.7 |
% |
|
1,704.2 |
% |
|
| 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, |
|
2017 |
|
2016 |
Balance, beginning of year |
$ |
600 |
|
|
$ |
2,200 |
|
Additions for prior year tax positions |
— |
|
|
— |
|
Settlements paid to tax authorities |
— |
|
|
(1,310 |
) |
Reductions of prior year tax positions |
— |
|
|
(290 |
) |
Balance, end of year |
$ |
600 |
|
|
$ |
600 |
|
|