|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Domestic and foreign income taxes |
The components of income before income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2014 |
|
2013 |
|
2012 |
Domestic |
$ |
14,505 |
|
|
$ |
7,705 |
|
|
$ |
29,400 |
|
Foreign |
(8,213 |
) |
|
(4,946 |
) |
|
(4,793 |
) |
Income before provision for income taxes |
$ |
6,292 |
|
|
$ |
2,759 |
|
|
$ |
24,607 |
|
|
| Income tax (benefit) provision |
The components of the (benefit) provision for income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2014 |
|
2013 |
|
2012 |
Current: |
|
|
|
|
|
|
|
|
Federal |
$ |
(2,659 |
) |
|
$ |
10,114 |
|
|
$ |
9,135 |
|
State |
1,826 |
|
|
3,499 |
|
|
733 |
|
Foreign |
(814 |
) |
|
371 |
|
|
178 |
|
|
(1,647 |
) |
|
13,984 |
|
|
10,046 |
|
Deferred: |
|
|
|
|
|
|
|
|
Federal |
(3,263 |
) |
|
(10,315 |
) |
|
(2,586 |
) |
State |
574 |
|
|
(2,099 |
) |
|
85 |
|
Foreign |
245 |
|
|
(1,225 |
) |
|
(1,298 |
) |
|
(2,444 |
) |
|
(13,639 |
) |
|
(3,799 |
) |
|
$ |
(4,091 |
) |
|
$ |
345 |
|
|
$ |
6,247 |
|
|
| Deferred income tax assets and liabilities |
Deferred tax assets and liabilities consist of the following:
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2014 |
|
2013 |
Deferred tax assets: |
|
|
|
|
|
Compensation accruals |
$ |
2,774 |
|
|
$ |
3,122 |
|
Reserves |
3,638 |
|
|
3,110 |
|
Other accruals |
2,893 |
|
|
2,344 |
|
Net operating losses |
7,498 |
|
|
1,948 |
|
Interest rate swaps |
1,715 |
|
|
1,073 |
|
Energy efficiency |
19,116 |
|
|
9,524 |
|
Deferred revenue |
1,769 |
|
|
1,624 |
|
Gross deferred income tax assets |
39,403 |
|
|
22,745 |
|
Valuation allowance |
(3,995 |
) |
|
(1,953 |
) |
Total deferred income tax assets |
$ |
35,408 |
|
|
$ |
20,792 |
|
Deferred tax liabilities: |
|
|
|
|
|
Depreciation |
$ |
(31,326 |
) |
|
$ |
(23,504 |
) |
Contract refinancing |
(437 |
) |
|
(710 |
) |
Canada |
(5,659 |
) |
|
(2,047 |
) |
United Kingdom |
(396 |
) |
|
(765 |
) |
Acquisition accounting |
(159 |
) |
|
(242 |
) |
Total deferred income tax liabilities |
(37,977 |
) |
|
(27,268 |
) |
Deferred income tax liabilities, net |
$ |
(2,569 |
) |
|
$ |
(6,476 |
) |
|
| Reconciliation of effective tax rates |
The following is a reconciliation of the effective tax rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2014 |
|
2013 |
|
2012 |
Income before income tax |
$ |
6,292 |
|
|
$ |
2,759 |
|
|
$ |
24,607 |
|
Federal statutory tax expense |
$ |
2,202 |
|
|
$ |
966 |
|
|
$ |
8,612 |
|
State income taxes, net of Federal benefit |
666 |
|
|
201 |
|
|
818 |
|
Net state impact of deferred rate change |
264 |
|
|
(69 |
) |
|
— |
|
Non deductible expenses |
(213 |
) |
|
2,008 |
|
|
2,612 |
|
Stock-based compensation expense |
415 |
|
|
373 |
|
|
337 |
|
Energy efficiency preferences |
(9,517 |
) |
|
(3,280 |
) |
|
(7,033 |
) |
Foreign items and rate differential |
719 |
|
|
349 |
|
|
557 |
|
Valuation allowance |
1,408 |
|
|
(276 |
) |
|
|
Miscellaneous |
(35 |
) |
|
73 |
|
|
344 |
|
|
$ |
(4,091 |
) |
|
$ |
345 |
|
|
$ |
6,247 |
|
Effective tax rate: |
|
|
|
|
|
|
|
Federal statutory rate expense |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes, net of Federal benefit |
10.6 |
% |
|
7.3 |
% |
|
3.3 |
% |
Net state impact of deferred rate change |
4.2 |
% |
|
(2.5 |
)% |
|
— |
% |
Non deductible expenses |
(3.4 |
)% |
|
72.8 |
% |
|
10.6 |
% |
Stock-based compensation expense |
6.6 |
% |
|
13.5 |
% |
|
1.4 |
% |
Energy efficiency preferences |
(151.3 |
)% |
|
(118.9 |
)% |
|
(28.6 |
)% |
Foreign items and rate differential |
11.4 |
% |
|
12.6 |
% |
|
2.3 |
% |
Valuation allowance |
22.4 |
% |
|
(10.0 |
)% |
|
— |
% |
Miscellaneous |
(0.6 |
)% |
|
2.6 |
% |
|
1.4 |
% |
|
(65.1 |
)% |
|
12.4 |
% |
|
25.4 |
% |
|
| 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, |
|
2014 |
|
2013 |
Balance, beginning of year |
$ |
9,200 |
|
|
$ |
4,900 |
|
Additions for prior year tax positions |
1,700 |
|
|
4,300 |
|
Settlements paid to tax authorities |
— |
|
|
— |
|
Reductions of prior year tax positions |
(7,200 |
) |
|
— |
|
Balance, end of year |
$ |
3,700 |
|
|
$ |
9,200 |
|
|