Annual report pursuant to section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.0.6
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2012
INCOME TAXES [Abstract]  
Provision For Income Taxes
The provision for income taxes consisted of the following:

   
Year ended December 31,
 
   
2012
   
2011
   
2010
 
   
(Restated – see Note 3)
   
(Restated – see Note 2)
 
   
(thousands of dollars)
 
Current federal provision
  $ 4,821     $ 3,072     $ 1,022  
Current state provision
    199       191       6  
                         
Deferred federal provision
    882       3,237       663  
Deferred state provision
    2       5       12  
                         
Income tax expense
  $ 5,904     $ 6,505     $ 1,703  
Difference Between Effective Tax Rate In Income Tax Expense And Federal Statutory Rate

   
2012
   
2011
   
2010
 
   
(Restated – see Note 3)
   
(Restated – see Note 2)
   
(Restated – see Note 2)
 
   
(thousands of dollars)
 
Income taxes at U.S. statutory rate
  $ 5,679     $ 6,933     $ 1,285  
State taxes, net of federal benefit
    132       127       96  
Prior year overpayments
    --       --       (15 )
Permanent and other items
    (250 )     (567 )     10  
Increase (decrease) in valuation allowance
    343       12       327  
    Total tax expense
  $ 5,904     $ 6,505     $ 1,703  
Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of Federal And State Deferred Tax Assets And Deferred Tax Liabilities
Tax effects of temporary differences that give rise to significant portions of federal and state deferred tax assets and deferred tax liabilities were as follows:

   
December 31,
 
   
2012
   
2011
 
   
(Restated – see Note 3)
   
(Restated – see Note 2)
 
   
(thousands of dollars)
 
Deferred tax liabilities:
           
  Plant, pipeline and equipment
  $ (8,260 )   $ (7,655 )
  Contractual based asset
    (124 )     (206 )
  Unrealized loss on swap agreements
    -       (136 )
  Investment in AMAK
    ( 1,712 )     (1,736 )
  Total deferred tax liabilities
  $ (10,096 )   $ (9,733 )
                 
Deferred tax assets:
               
  Accounts receivable
    201       187  
  Inventory
    95       92  
  Mineral interests
    376       365  
  Unrealized loss on interest rate swap
    313       386  
  Environmental
    123       119  
  Post-retirement benefits
    370       356  
                 
Stock-based compensation
    716       569  
Deferred revenue
    332       561  
  Gross deferred tax assets
    2,526       2,635  
Valuation allowance
    (1,470 )     (1,127 )
Total net deferred tax assets
  $ 1,056     $ 1,508  
  Net deferred tax liabilities
  $ (9,040 )   $ (8,225 )
Current And Non-Current Classifications Of Deferred Tax Balances
The current and non-current classifications of the deferred tax balances are as follows:

   
2012
   
2011
 
         
(Restated – see Note 2)
 
   
(thousands of dollars)
 
Current:
           
Deferred tax asset
  $ 1,054     $ 1,169  
                 
Non-current:
               
                 
Deferred tax assets
    2,434       1,933  
Deferred tax liability
    (11,058 )     (10,200 )
Valuation allowance
    (1,470 )     (1,127 )
Non-current deferred tax liability, net
    (10,094 )     (9,394 )
                 
Total deferred liabilities, net
  $ (9,040 )   $ (8,225 )