| Income Taxes: |
10. Income Taxes
The provision for income taxes consisted of the following for the years ended December 27, 2014, December 28, 2013 and December 29, 2012 (in thousands):
|
|
|
2014
|
|
2013
|
|
2012
|
|
|
Current:
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
3,217
|
|
$
|
2,471
|
|
$
|
3,728
|
|
|
State
|
|
408
|
|
262
|
|
380
|
|
|
|
|
3,625
|
|
2,733
|
|
4,108
|
|
|
Deferred:
|
|
|
|
|
|
|
|
|
Federal
|
|
2,124
|
|
547
|
|
108
|
|
|
State
|
|
19
|
|
80
|
|
16
|
|
|
|
|
2,143
|
|
627
|
|
124
|
|
|
Income tax expense
|
|
$
|
5,768
|
|
$
|
3,360
|
|
$
|
4,232
|
|
The income tax effects of temporary differences between financial and income tax reporting that give rise to the deferred income tax asset and liability are as follows as of December 27, 2014 and December 28, 2013 (in thousands):
|
|
|
2014
|
|
2013
|
|
|
Deferred Tax Asset
|
|
|
|
|
|
|
Accounts receivable
|
|
$
|
40
|
|
$
|
81
|
|
|
Inventories
|
|
23
|
|
82
|
|
|
Accrued liabilities
|
|
465
|
|
341
|
|
|
State credit carryover
|
|
101
|
|
—
|
|
|
Stock-based compensation
|
|
598
|
|
252
|
|
|
Deferred rent
|
|
96
|
|
126
|
|
|
Interest rate swap
|
|
130
|
|
193
|
|
|
|
|
1,453
|
|
1,075
|
|
|
Deferred Tax Liability
|
|
|
|
|
|
|
Contingent consideration
|
|
(1,126
|
)
|
—
|
|
|
Depreciation and amortization
|
|
(5,968
|
)
|
(4,508
|
)
|
|
|
|
(7,094
|
)
|
(4,508
|
)
|
|
|
|
|
|
|
|
|
Net deferred tax liability
|
|
$
|
(5,641
|
)
|
$
|
(3,433
|
)
|
|
|
|
|
|
|
|
|
Net deferred tax asset — current
|
|
1,228
|
|
755
|
|
|
Net deferred tax liability — noncurrent
|
|
(6,869
|
)
|
(4,188
|
)
|
|
Net deferred tax liability
|
|
$
|
(5,641
|
)
|
$
|
(3,433
|
)
|
The following table provides a reconciliation between the amount determined by applying the statutory federal income tax rate to our income tax provision for fiscal years ended December 27, 2014, December 28, 2013 and December 29, 2012 (in thousands):
|
|
|
2014
|
|
2013
|
|
2012
|
|
|
Expected expense at statutory rate of 34%
|
|
$
|
5,552
|
|
$
|
3,393
|
|
$
|
3,971
|
|
|
Change resulting from:
|
|
|
|
|
|
|
|
|
State tax provision, net
|
|
434
|
|
249
|
|
365
|
|
|
Federal and state credits
|
|
(167
|
)
|
(92
|
)
|
(152
|
)
|
|
Domestic Production benefits
|
|
(322
|
)
|
(253
|
)
|
(334
|
)
|
|
Nondeductible expenses and other
|
|
271
|
|
63
|
|
382
|
|
|
Income tax expense
|
|
$
|
5,768
|
|
$
|
3,360
|
|
$
|
4,232
|
|
|
Effective tax rate
|
|
35.3
|
%
|
33.7
|
%
|
36.2
|
%
|
|