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INCOME TAXES (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Income Tax Disclosure [Abstract] |
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| Consolidated Provision (Benefit) for Income Taxes from Continuing Operations |
The
consolidated provision (benefit) for income taxes from continuing
operations for Salem consisted of the following:
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|
December 31, |
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2011 |
|
|
2012 |
|
|
2013 |
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| |
|
(Dollars in
thousands) |
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Current:
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|
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Federal
|
|
$ |
(8 |
) |
|
$ |
8 |
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|
$ |
— |
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|
State
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|
|
282 |
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|
|
198 |
|
|
|
193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
274 |
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|
206 |
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|
193 |
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Deferred:
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Federal
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4,425 |
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|
3,649 |
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(1,075 |
) |
|
State
|
|
|
1,411 |
|
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|
(3,702 |
) |
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|
(3,310 |
) |
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|
|
|
|
|
|
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|
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5,836 |
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|
(53 |
) |
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(4,385 |
) |
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Provision for (benefit
from) income taxes
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|
$ |
6,110 |
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|
$ |
153 |
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|
$ |
(4,192 |
) |
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| Consolidated Deferred Tax Asset and Liability |
The
consolidated deferred tax asset and liability consisted of the
following:
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December 31, |
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| |
|
2012 |
|
|
2013 |
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| |
|
(Dollars in
thousands) |
|
|
Deferred tax
assets:
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|
|
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|
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Financial statement
accruals not currently deductible
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$ |
6,146 |
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|
$ |
6,786 |
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Net operating loss, AMT
credit and other carryforwards
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58,702 |
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|
71,246 |
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State taxes
|
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|
103 |
|
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|
90 |
|
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Other
|
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3,014 |
|
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|
3,322 |
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|
|
|
|
|
|
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Total deferred tax
assets
|
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|
67,965 |
|
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|
81,444 |
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|
Valuation allowance for
deferred tax assets
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(2,913 |
) |
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(2,868 |
) |
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Net deferred tax
assets
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|
$ |
65,052 |
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|
$ |
78,576 |
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Deferred tax
liabilities:
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|
|
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Excess of net book value of
property, plant, equipment and software for financial reporting
purposes over tax basis
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$ |
5,032 |
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|
$ |
3,840 |
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Excess of net book value of
intangible assets for financial reporting purposes over tax
basis
|
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|
100,040 |
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|
109,133 |
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Interest rate
swap
|
|
|
— |
|
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|
1,251 |
|
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Unrecognized tax
benefits
|
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|
1,325 |
|
|
|
933 |
|
|
|
|
|
|
|
|
|
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Total deferred tax
liabilities
|
|
|
106,397 |
|
|
|
115,157 |
|
|
|
|
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|
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Net deferred tax
liabilities
|
|
$ |
(41,345 |
) |
|
$ |
(36,581 |
) |
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| Reconciliation of Net Deferred Tax Liabilities to Financial Instrument |
The following
table reconciles the above net deferred tax liabilities to the
financial statements:
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December 31, |
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| |
|
2012 |
|
|
2013 |
|
| |
|
(Dollars in
thousands) |
|
|
Deferred income tax asset
per balance sheet
|
|
$ |
6,248 |
|
|
$ |
6,876 |
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Deferred income tax
liability per balance sheet
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|
(47,593 |
) |
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(43,457 |
) |
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|
|
|
|
|
|
|
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|
$ |
(41,345 |
) |
|
$ |
(36,581 |
) |
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| Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax |
A
reconciliation of the statutory federal income tax rate to the
provision for income tax is as follows:
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Year Ended
December 31, |
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| |
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2011 |
|
|
2012 |
|
|
2013 |
|
| |
|
(Dollars in
thousands) |
|
|
Statutory federal income
tax rate (at 35%)
|
|
$ |
4,364 |
|
|
$ |
1,637 |
|
|
$ |
(2,411 |
) |
|
Effect of state taxes, net
of federal
|
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|
1,102 |
|
|
|
(2,278 |
) |
|
|
(2,025 |
) |
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Permanent items
|
|
|
696 |
|
|
|
788 |
|
|
|
270 |
|
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ISO benefit
|
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|
— |
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— |
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— |
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Other, net
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(52 |
) |
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|
6 |
|
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(26 |
) |
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Provision for income
taxes
|
|
$ |
6,110 |
|
|
$ |
153 |
|
|
$ |
(4,192 |
) |
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