Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v2.4.0.6
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of the Company’s deferred tax assets (liabilities) at December 31, 2012 and 2011 were as follows:

in thousands 2012 2011
Current deferred tax assets:            
       Inventory related $          1,110 $          679
       Deferred revenue 528 537
       Allowance for doubtful accounts 295 402
       State research and development
              credit carryforward - 158  
       Reserve for warranty expenses 468 573
       Provision for employee related obligations 1,269 408
       Accrued interest 1,126 216
       Other 172 -
              Current deferred tax assets $ 4,968 $ 2,973
 
Long-term deferred tax assets:  
       Stock-based compensation expense $ 1,184   $ -
              Long-term deferred tax assets $ 1,184 $ -
 
Current deferred tax liabilities  
       Inventory related $ (645 ) $ -
       Deferred revenue     (104 )
       Order backlog (196 )
              Current deferred tax liabilities $ (945 ) $ -
 
Long-term deferred tax assets:
       Stock-based compensation expense $ 876 $ 391
       State net operating loss 463 -
       Other 186 -
              Long-term deferred tax assets 1,525 391
Long-term deferred tax liabilities:
       Intangibles (55,320 ) (5,902 )
       Depreciation (898 ) (1,249 )
Net long-term deferred tax liabilities $ (54,693 ) $ (6,760 )
Summary Of Deferred Income Taxes [Table Text Block]

The deferred income taxes are reflected in the balance sheets among:

December 31,
2012 2011
      (U.S. $ in thousands)
Current assets—deferred income taxes   $       4,968       $       2,973  
Long-term assets- other non current assets 1,184 -
Current liabilities—deferred income tax liabilities   (945 )     -
Long-term liabilities—deferred income taxes (54,693 ) (6,760 )
$ (49,486 ) $ (3,787 )
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

Income before income taxes for the years ended December 31, 2012, 2011 and 2010 was as follows:

in thousands       2012       2011       2010
United States   $       23,274 $       30,464 $       13,506
Foreign   (4,764 )     888   330
$ 18,510 $ 31,352 $ 13,836
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The components of income tax expense for the years ended December 31, 2012, 2011 and 2010 were as follows:

in thousands       2012       2011       2010
Current
       Federal $        10,974 $        9,906 $        4,337
       State 1,345 761 248
       Foreign 1,445 293 103
13,764 10,960 4,688
   
Deferred  
       Federal   (2,495 ) (251 ) (160 )
       State   (618 ) 17   (62 )
       Foreign (964 ) -     -
(4,077 ) (234 ) (222 )
       Total income taxes $ 9,687 $ 10,726 $ 4,466
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the statutory federal income tax rate and the effective tax rate for the years ended December 31, 2012, 2011, and 2010 is set forth below (the statutory rate being used in the U.S federal rate rather than the Israeli rate, given that substantially all of the periods provided were as a U.S domestic company):

      2012       2011       2010
Federal statutory rate 35.0 % 35.0 % 35.0 %
State income taxes, net of
       federal benefit 2.5   2.1 2.1  
Tax exempt interest income - -   (0.8 )
Stock compensation expense 3.4   0.6   0.2
Manufacturing deduction         (5.9 )         (2.7 )         (3.5 )
Federal research and    
       development tax credit   - (1.6 ) (1.9 )
Tax contingencies (3.5 )   0.4 1.3
Non-deductible acquisition expenses 12.9 0.3 -
Difference in tax rates 3.4 - -
Other 4.5 0.1 (0.1 )
Effective income tax rate 52.3 % 34.2 % 32.3 %
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
in thousands 2012 2011
Balance at beginning of year       $       1,598       $       1,405
Additions for tax positions related to the current year   223 253
Additions for tax positions related to previous years 14 83
Additions from the merger 1,052       -
Reduction of reserve for statute expirations   (1,156 ) (143 )
Balance at end of year $ 1,731 $ 1,598