|
Income Taxes (Tables)
|
12 Months Ended |
|
Jun. 30, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of components of income tax expense (benefit) |
The provision for (benefit from) income taxes for the years ended June 30, 2014, 2013 and 2012 consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
Years Ended June 30, |
|
2014 |
|
2013 |
|
2012 |
Current: |
|
|
|
|
|
|
Federal |
|
$ |
(1,788 |
) |
|
$ |
(1,691 |
) |
|
$ |
20,398 |
|
State and local |
|
130 |
|
|
(1,348 |
) |
|
5,212 |
|
|
|
(1,658 |
) |
|
(3,039 |
) |
|
25,610 |
|
Deferred: |
|
|
|
|
|
|
Federal |
|
6,405 |
|
|
8,941 |
|
|
(13,944 |
) |
State and local |
|
525 |
|
|
2,150 |
|
|
(3,324 |
) |
|
|
6,930 |
|
|
11,091 |
|
|
(17,268 |
) |
Total provision |
|
$ |
5,272 |
|
|
$ |
8,052 |
|
|
$ |
8,342 |
|
|
|
|
|
|
|
|
|
| Schedule of effective income tax rate |
A reconciliation of the income tax provisions to the amounts computed by applying the statutory federal income tax rate (35% for 2014, 2013 and 2012) to income before income tax provisions for the years ended June 30, 2014, 2013 and 2012, are as below:
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|
|
|
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
|
|
Years Ended June 30, |
|
2014 |
|
2013 |
|
2012 |
Federal income tax |
|
$ |
4,736 |
|
|
$ |
7,198 |
|
|
$ |
6,622 |
|
State tax, net of federal benefit |
|
212 |
|
|
521 |
|
|
1,229 |
|
162(m) limitation |
|
— |
|
|
188 |
|
|
180 |
|
Uncertain tax positions |
|
22 |
|
|
110 |
|
|
395 |
|
Change in tax rate |
|
— |
|
|
— |
|
|
23 |
|
Valuation allowance |
|
329 |
|
|
— |
|
|
— |
|
Other |
|
(27 |
) |
|
35 |
|
|
(107 |
) |
Total provision for income taxes |
|
$ |
5,272 |
|
|
$ |
8,052 |
|
|
$ |
8,342 |
|
|
|
|
|
|
|
|
|
| Schedule of deferred tax assets and liabilities |
Significant components of the Company's net deferred tax assets and liabilities as of June 30, 2014 and 2013 are as follows:
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
June 30, |
|
2014 |
|
2013 |
Accrued compensation |
|
$ |
236 |
|
|
$ |
588 |
|
Unrealized loss on open purchase and sale commitments |
|
— |
|
|
11,538 |
|
Unrealized loss on futures and forward contracts |
|
3,170 |
|
|
— |
|
Stock-based compensation |
|
133 |
|
|
56 |
|
State tax accrual |
|
349 |
|
|
291 |
|
Net operating loss carry forwards |
|
775 |
|
|
129 |
|
Other |
|
34 |
|
|
56 |
|
Deferred tax assets |
|
4,697 |
|
|
12,658 |
|
Less: valuation allowances |
|
(329 |
) |
|
— |
|
Net deferred tax assets after valuation allowances |
|
4,368 |
|
|
12,658 |
|
|
|
|
|
|
Intangible assets |
|
(913 |
) |
|
(709 |
) |
Unrealized gain on open paperwork |
|
(2,533 |
) |
|
— |
|
Unrealized gain on futures and forward contracts |
|
— |
|
|
(5,856 |
) |
Fixed assets |
|
(224 |
) |
|
— |
|
Inventories |
|
(2,164 |
) |
|
(368 |
) |
Other |
|
(23 |
) |
|
(284 |
) |
Total deferred tax liabilities |
|
(5,857 |
) |
|
(7,217 |
) |
|
|
|
|
|
Net deferred tax asset (liability) |
|
$ |
(1,489 |
) |
|
$ |
5,441 |
|
|
|
|
|
|
|
| Schedule of unrecognized tax benefits rollforward |
A reconciliation of the net unrecognized tax benefits for the years ended June 30, 2014 and 2013 is as follows:
|
|
|
|
|
|
|
|
|
|
in thousands |
|
|
|
|
June 30, |
|
2014 |
|
2013 |
|
|
|
|
|
Beginning balance |
|
$ |
733 |
|
|
$ |
828 |
|
Reductions due to lapse of statute of limitations |
|
(3 |
) |
|
(95 |
) |
Ending balance |
|
$ |
730 |
|
|
$ |
733 |
|
|
|
|
|
|
|