Ethan Allen Interiors Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2017				2016				2015
Current:
Federal		$	15,265			$	27,660			$	15,064
State			1,585				2,898				489
Foreign			445				88				55
Total current			17,295				30,646				15,608
Deferred:
Federal			3,413				(237	)			2,979
State			85				207				759
Foreign			8				703				195
Total deferred			3,506				673				3,933
Income Tax Expense (Benefit)		$	20,801			$	31,319			$	19,541

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2017								2016								2015

Expected Income Tax Expense		$	19,947				35.0	%		$	30,785				35.0	%		$	19,839				35.0	%
State income taxes, net of federal income tax			1,403				2.5	%			2,514				2.9	%			1,597				2.8	%
Valuation allowance			329				0.6	%			339				0.4	%			409				0.7	%
Section 199 Qualified Production Activities deduction			(999	)			-1.8	%			(1,513	)			-1.7	%			(998	)			-1.8	%
Unrecognized tax expense (benefit)			(48	)			-0.1	%			(479	)			-0.5	%			(641	)			-1.1	%
Other, net			169				0.3	%			(327	)			-0.4	%			(665	)			-1.2	%
Actual income tax expense (benefit)		$	20,801				36.5	%		$	31,319				35.6	%		$	19,541				34.5	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2017				2016
Deferred tax assets:
Employee compensation accruals			4,395				4,343
Stock based compensation			2,878				2,665
Deferred rent credits			7,290				6,705
Net operating loss carryforwards			3,687				3,375
Inventories			1,254				155
Goodwill			953				1,729
Other, net			2,396				2,504
Total deferred tax assets			22,853				21,476
Less: Valuation allowance			(2,485	)			(2,155	)
Net deferred tax assets		$	20,368			$	19,321

		2017				2016
Deferred tax liabilities:
Property, plant and equipment			5,360				654
Intangible assets other than goodwill			14,166				14,260
Commissions			3,420				3,478
Other, net			-				-
Total deferred tax liability			22,946				18,392
Total net deferred tax asset (liability)		$	(2,578	)		$	929

Schedule of Deferred Tax Assets Expiration with Respect to Net Operating Losses [Table Text Block]

		Deferred				Net Operating
		Income				Loss
		Tax Assets				Carryforwards
United States (State), expiring between 2018 and 2032		$	1,110			$	23,760
Foreign, Expiring in 2034			2,577				7,622

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

		2017				2016
Beginning balance		$	2,170			$	3,117
Additions for tax positions taken			646				776
Reductions for tax positions taken in prior years			(694	)			(1,530	)
Settlements			(16	)			(193	)
Ending balance		$	2,106			$	2,170

Other Assets [Member]

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2017				2016
Current assets		$	3,916			$	3,174
Non-current assets			1,167				835
Current liabilities			-				-
Non-current liabilities			7,661				3,080
Total net deferred tax asset (liability)		$	(2,578	)		$	929