11. INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision for income taxes |
| |
|
Years Ended December
31, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Current provision (benefit) |
|
$ |
141 |
|
|
$ |
(8,011 |
) |
|
$ |
11,040 |
|
| Deferred provision (benefit) |
|
|
(1,122 |
) |
|
|
(2,023 |
) |
|
|
4,097 |
|
| Total |
|
$ |
(981 |
) |
|
$ |
(10,034 |
) |
|
$ |
15,137 |
|
|
| Reconciliation of effective tax rate |
| |
|
Years Ended December
31, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Statutory rate |
|
|
35.0 |
% |
|
|
35.0 |
% |
|
|
35.0 |
% |
| State income taxes, net
of federal benefit |
|
|
6.4 |
|
|
|
9.2 |
|
|
|
10.0 |
|
| Change in valuation allowance |
|
|
(298.8 |
) |
|
|
(4.2 |
) |
|
|
(11.5 |
) |
| Fair value adjustments and
warrant inducements |
|
|
37.2 |
|
|
|
2.0 |
|
|
|
31.8 |
|
| Domestic production gross
receipts deduction |
|
|
– |
|
|
|
(2.9 |
) |
|
|
(2.0 |
) |
| Section 382 reduction to
loss carryover |
|
|
– |
|
|
|
0.1 |
|
|
|
(24.2 |
) |
| Stock compensation |
|
|
58.8 |
|
|
|
(0.8 |
) |
|
|
– |
|
| Non-deductible items |
|
|
8.9 |
|
|
|
(0.5 |
) |
|
|
0.6 |
|
| Change in tax status of
subsidiary |
|
|
– |
|
|
|
– |
|
|
|
(1.6 |
) |
| Other |
|
|
(27.5 |
) |
|
|
(3.2 |
) |
|
|
(1.3 |
) |
| Effective
rate |
|
|
(180.0 |
)% |
|
|
34.7 |
% |
|
|
36.8 |
% |
|
| Components of deferred income taxes |
| |
|
December 31, |
|
| |
|
2016 |
|
|
2015 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
45,709 |
|
|
$ |
53,867 |
|
| Railcar contracts |
|
|
3,348 |
|
|
|
5,143 |
|
| Pension liability |
|
|
2,204 |
|
|
|
2,647 |
|
| R&D and AMT credits |
|
|
2,465 |
|
|
|
2,303 |
|
| Derivatives |
|
|
1,228 |
|
|
|
– |
|
| Litigation accrual |
|
|
– |
|
|
|
1,290 |
|
| Capital leases |
|
|
– |
|
|
|
1,021 |
|
| Stock-based compensation |
|
|
946 |
|
|
|
724 |
|
| Allowance for doubtful accounts and other assets |
|
|
856 |
|
|
|
– |
|
| Other |
|
|
4,316 |
|
|
|
5,367 |
|
| Total deferred tax assets |
|
|
61,072 |
|
|
|
72,362 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Fixed assets |
|
|
(45,757 |
) |
|
|
(30,272 |
) |
| Intangibles |
|
|
(1,091 |
) |
|
|
(1,091 |
) |
| Debt basis |
|
|
– |
|
|
|
(912 |
) |
| Other |
|
|
(1,593 |
) |
|
|
(1,423 |
) |
| Total deferred tax liabilities |
|
|
(48,441 |
) |
|
|
(33,698 |
) |
| |
|
|
|
|
|
|
|
|
| Valuation allowance |
|
|
(12,683 |
) |
|
|
(39,838 |
) |
| Net deferred tax liabilities |
|
$ |
(52 |
) |
|
$ |
(1,174 |
) |
| |
|
|
|
|
|
|
|
|
| Classified in balance sheet as: |
|
|
|
|
|
|
|
|
| Other liabilities |
|
$ |
(52 |
) |
|
$ |
(1,174 |
) |
|
| Net operating loss carryforwards |
These net operating loss carryforwards expire as follows (in thousands):
| Tax Years |
|
Federal |
|
|
State |
|
| 2017–2021 |
|
$ |
– |
|
|
$ |
22,425 |
|
| 2022–2026 |
|
|
3,781 |
|
|
|
4,109 |
|
| 2027–2031 |
|
|
1,654 |
|
|
|
30,102 |
|
| 2032–2036 |
|
|
112,248 |
|
|
|
45,202 |
|
| |
|
$ |
117,683 |
|
|
$ |
101,838 |
|
Certain of
these net operating losses are not immediately available, but become available to be utilized in each of the years ended December
31, as follows (in thousands):
| Year |
|
Federal |
|
|
State |
|
| 2017 |
|
$ |
16,328 |
|
|
$ |
40,037 |
|
| 2018 |
|
|
6,441 |
|
|
|
4,809 |
|
| 2019 |
|
|
6,441 |
|
|
|
4,809 |
|
| 2020 |
|
|
6,374 |
|
|
|
4,781 |
|
| 2021 |
|
|
6,308 |
|
|
|
4,754 |
|
| Thereafter |
|
|
75,791 |
|
|
|
42,648 |
|
| |
|
$ |
117,683 |
|
|
$ |
101,838 |
|
|