|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Domestic and foreign income taxes |
The components of income before income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2013 |
|
2012 |
|
2011 |
Domestic |
$ |
7,704,867 |
|
|
$ |
29,400,084 |
|
|
$ |
43,255,574 |
|
Foreign |
(4,945,999 |
) |
|
(4,793,198 |
) |
|
924,531 |
|
Income before provision for income taxes |
$ |
2,758,868 |
|
|
$ |
24,606,886 |
|
|
$ |
44,180,105 |
|
|
| Income tax provision |
The components of the provision (benefit) for income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2013 |
|
2012 |
|
2011 |
Current: |
|
|
|
|
|
|
|
|
Federal |
$ |
10,113,618 |
|
|
$ |
9,135,447 |
|
|
$ |
(10,073,322 |
) |
State |
3,499,649 |
|
|
732,514 |
|
|
(273,221 |
) |
Foreign |
370,837 |
|
|
177,713 |
|
|
(277,157 |
) |
|
13,984,104 |
|
|
10,045,674 |
|
|
(10,623,700 |
) |
Deferred: |
|
|
|
|
|
|
|
|
Federal |
(10,315,323 |
) |
|
(2,586,080 |
) |
|
18,724,198 |
|
State |
(2,098,983 |
) |
|
85,387 |
|
|
1,826,239 |
|
Foreign |
(1,225,117 |
) |
|
(1,298,228 |
) |
|
840,435 |
|
|
(13,639,423 |
) |
|
(3,798,921 |
) |
|
21,390,872 |
|
|
$ |
344,681 |
|
|
$ |
6,246,753 |
|
|
$ |
10,767,172 |
|
|
| Deferred income tax assets and liabilities |
Deferred tax assets and liabilities consist of the following:
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|
|
|
|
|
|
|
|
|
December 31, |
|
2013 |
|
2012 |
Deferred tax assets: |
|
|
|
|
|
Compensation accruals |
$ |
3,121,734 |
|
|
$ |
2,151,789 |
|
Reserves |
3,110,186 |
|
|
2,603,512 |
|
Other accruals |
2,343,662 |
|
|
1,302,684 |
|
Net operating losses |
345,350 |
|
|
267,996 |
|
Interest rate swaps |
1,073,383 |
|
|
3,125,847 |
|
Energy efficiency |
9,524,077 |
|
|
1,225,197 |
|
Deferred revenue |
1,623,608 |
|
|
1,336,827 |
|
Gross deferred income tax assets |
21,142,000 |
|
|
12,013,852 |
|
Valuation allowance |
(1,952,761 |
) |
|
(2,827,444 |
) |
Total deferred income tax assets |
$ |
19,189,239 |
|
|
$ |
9,186,408 |
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
$ |
(23,504,155 |
) |
|
$ |
(26,839,863 |
) |
Contract refinancing |
(709,773 |
) |
|
(725,328 |
) |
Canada |
(443,666 |
) |
|
(949,850 |
) |
United Kingdom |
(765,090 |
) |
|
— |
|
Acquisition accounting |
(242,326 |
) |
|
(368,878 |
) |
Total deferred income tax liabilities |
(25,665,010 |
) |
|
(28,883,919 |
) |
Deferred income tax liabilities, net |
$ |
(6,475,771 |
) |
|
$ |
(19,697,511 |
) |
|
| Reconciliation of effective tax rates |
The following is a reconciliation of the effective tax rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2013 |
|
2012 |
|
2011 |
Income before income tax |
$ |
2,758,868 |
|
|
$ |
24,606,886 |
|
|
$ |
44,180,105 |
|
Federal statutory tax expense |
$ |
965,604 |
|
|
$ |
8,612,410 |
|
|
$ |
15,463,037 |
|
State income taxes, net of federal benefit |
200,981 |
|
|
817,901 |
|
|
1,553,018 |
|
Net state impact of deferred rate change |
(69,342 |
) |
|
— |
|
|
(259,339 |
) |
Non deductible expenses |
2,007,657 |
|
|
2,611,576 |
|
|
115,629 |
|
Stock-based compensation expense |
373,398 |
|
|
336,564 |
|
|
240,557 |
|
Energy efficiency preferences |
(3,556,074 |
) |
|
(7,032,798 |
) |
|
(6,247,283 |
) |
Foreign items and rate differential |
348,891 |
|
|
557,104 |
|
|
239,692 |
|
Miscellaneous |
73,566 |
|
|
343,996 |
|
|
(338,139 |
) |
|
$ |
344,681 |
|
|
$ |
6,246,753 |
|
|
$ |
10,767,172 |
|
Effective tax rate: |
|
|
|
|
|
|
|
Federal statutory rate expense |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes, net of federal benefit |
7.3 |
% |
|
3.3 |
% |
|
3.5 |
% |
Net state impact of deferred rate change |
(2.5 |
)% |
|
— |
% |
|
(0.6 |
)% |
Non deductible expenses |
72.8 |
% |
|
10.6 |
% |
|
0.3 |
% |
Stock-based compensation expense |
13.5 |
% |
|
1.4 |
% |
|
0.5 |
% |
Energy efficiency preferences |
(128.9 |
)% |
|
(28.6 |
)% |
|
(14.1 |
)% |
Foreign items and rate differential |
12.6 |
% |
|
2.3 |
% |
|
0.5 |
% |
Miscellaneous |
2.7 |
% |
|
1.4 |
% |
|
(0.7 |
)% |
|
12.5 |
% |
|
25.4 |
% |
|
24.4 |
% |
|
| Unrecognized tax benefits |
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:
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|
|
|
|
|
|
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|
Year Ended December 31, |
|
2013 |
|
2012 |
Balance, beginning of year |
$ |
4,900,000 |
|
|
$ |
1,400,000 |
|
Additions for prior year tax positions |
4,300,000 |
|
|
3,500,000 |
|
Settlements paid to tax authorities |
— |
|
|
— |
|
Reductions of prior year tax positions |
— |
|
|
— |
|
Balance, end of year |
$ |
9,200,000 |
|
|
$ |
4,900,000 |
|
|