|
INCOME TAXES (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| INCOME TAXES [Abstract] |
|
| Schedule of 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:
|
|
December 31, |
|
|
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
|
(Dollars in thousands) |
|
| Current: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
8 |
|
|
$ |
|
|
|
$ |
|
|
| State |
|
|
198 |
|
|
|
193 |
|
|
|
269 |
|
| |
|
|
206 |
|
|
|
193 |
|
|
|
269 |
|
| Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
3,649 |
|
|
|
(1,075 |
) |
|
|
3,932 |
|
| State |
|
|
(3,702 |
) |
|
|
(3,310 |
) |
|
|
564 |
|
| |
|
|
(53 |
) |
|
|
(4,385 |
) |
|
|
4,496 |
|
| Provision for (benefit from) income taxes |
|
$ |
153 |
|
|
$ |
(4,192 |
) |
|
$ |
4,765 |
|
|
| Schedule of Consolidated Deferred Tax Asset and Liability |
The consolidated deferred tax asset and liability consisted of the following:
|
|
December 31, |
|
|
|
2013 |
|
|
2014 |
|
|
|
(Dollars in thousands) |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Financial statement accruals not currently deductible |
|
$ |
6,786 |
|
|
$ |
8,045 |
|
| Net operating loss, AMT credit and other carryforwards |
|
|
71,246 |
|
|
|
72,618 |
|
| State taxes |
|
|
90 |
|
|
|
108 |
|
| Other |
|
|
3,322 |
|
|
|
3,821 |
|
| Total deferred tax assets |
|
|
81,444 |
|
|
|
84,592 |
|
| Valuation allowance for deferred tax assets |
|
|
(2,868 |
) |
|
|
(2,952 |
) |
| Net deferred tax assets |
|
$ |
78,576 |
|
|
$ |
81,640 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Excess of net book value of property and equipment and software for financial reporting purposes over tax basis |
|
$ |
3,840 |
|
|
|
3,000 |
|
| Excess of net book value of intangible assets for financial reporting purposes over tax basis |
|
|
109,133 |
|
|
|
118,773 |
|
| Interest rate swap |
|
|
1,251 |
|
|
|
187 |
|
| Unrecognized tax benefits |
|
|
933 |
|
|
|
110 |
|
| Other |
|
|
|
|
|
|
526 |
|
| Total deferred tax liabilities |
|
|
115,157 |
|
|
|
122,596 |
|
| Net deferred tax liabilities |
|
$ |
(36,581 |
) |
|
$ |
(40,956 |
) |
|
| Schedule of Reconciliation of Net Deferred Tax Liabilities to Financial Instrument |
The following table reconciles the above net deferred tax liabilities to the financial statements:
|
|
December 31, |
|
|
|
2013 |
|
|
2014 |
|
|
|
(Dollars in thousands) |
|
| Deferred income tax asset per balance sheet |
|
$ |
6,876 |
|
|
$ |
8,153 |
|
| Deferred income tax liability per balance sheet |
|
|
(43,457 |
) |
|
|
(49,109 |
) |
| |
|
$ |
(36,581 |
) |
|
$ |
(40,956 |
) |
|
| Schedule of 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:
|
|
Year Ended December 31, |
|
|
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
|
(Dollars in thousands) |
|
| Statutory federal income tax rate (at 35%) |
|
$ |
1,637 |
|
|
$ |
(2,411 |
) |
|
$ |
3,584 |
|
| Effect of state taxes, net of federal |
|
|
(2,278 |
) |
|
|
(2,025 |
) |
|
|
542 |
|
| Permanent items |
|
|
788 |
|
|
|
270 |
|
|
|
613 |
|
| Other, net |
|
|
6 |
|
|
|
(26 |
) |
|
|
26 |
|
| Provision for income taxes |
|
$ |
153 |
|
|
$ |
(4,192 |
) |
|
$ |
4,765 |
|
|