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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of income before income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2020			2019			2018
​	​	(in thousands)
United States	​	$	51,934	​	$	18,148	​	$	52,172	​
Foreign	​		3,952	​		2,774	​		2,533	​
Income before income taxes	​	$	55,886	​	$	20,922	​	$	54,705	​

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2020			2019			2018
​	​	(in thousands)
Current:	​	​	​	​	​	​	​	​	​	​
United States	​	​	​	​	​	​	​	​	​	​
Federal	​	$	—	​	$	—	​	$	41	​
State	​		157	​		5	​		112	​
Foreign	​		1,062	​		579	​		323	​
Total current	​		1,219	​		584	​		476	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​	​	4,594	​	​	3,962	​	​	8,108	​
State	​	​	295	​	​	(855)	​	​	425	​
Foreign	​		(204)	​		197	​		(189)	​
Total deferred	​		4,685	​		3,304	​		8,344	​
Income tax provision	​	$	5,904	​	$	3,888	​	$	8,820	​

Schedule of reconciliation of income taxes at the United States Federal statutory rate to the effective income tax rate

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2020			2019			2018
​	​	(in thousands)
Income taxes at the United States statutory rate	​	$	11,736	​	$	4,393	​	$	11,488	​
State income taxes	​		226	​		78	​		299	​
Unrecognized tax benefits	​		—	​		(251)	​		(345)	​
Effect of change in valuation allowance	​		806	​		1,492	​		(441)	​
Foreign income tax rate differentials	​		181	​		129	​		73	​
Stock based compensation	​		(2,803)	​		(1,257)	​		(715)	​
Credit expirations	​	​	(14)	​	​	894	​	​	—	​
Rate change	​	​	151	​	​	194	​	​	160	​
Credit generation	​	​	(2,473)	​	​	(3,124)	​	​	(3,530)	​
Discrete items, net	​	​	(147)	​	​	18	​	​	972	​
Previously unrecognized tax benefit	​	​	(4,063)	​	​	—	​	​	—	​
GILTI inclusion	​	​	732	​	​	566	​	​	366	​
Other, net	​		1,572	​		756	​		493	​
Income tax provision	​	$	5,904	​	$	3,888	​	$	8,820	​

Schedule of significant components of current and long-term deferred income taxes

​

​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​	​	2020		​	2019
​		(in thousands)
Deferred tax assets:	​	​
Federal net operating loss carryforwards	​	$	23,193	​	$	39,380	​
State net operating loss carryforwards	​		969	​		1,211	​
Foreign net operating loss carryforwards	​		529	​		554	​
Federal tax credit carryforwards	​		19,377	​		18,061	​
State tax credit carryforwards	​		7,358	​		6,837	​
Property, plant and equipment	​		9,501	​		10,098	​
Operating lease liability	​	​	348	​	​	503	​
Accrued compensation	​	​	16	​	​	266	​
Inventories	​	​	2,271	​	​	2,674	​
Stock compensation	​		1,566	​		2,477	​
Warranty	​		982	​		689	​
Deferred revenue	​	​	1,032	​	​	1,086	​
Capitalized research and development costs	​	​	5,785	​	​	—	​
Gross deferred tax assets	​	​	72,927	​	​	83,836	​
Valuation allowance	​		(9,133)	​		(8,327)	​
Net deferred tax assets	​	​	63,794	​	​	75,509	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Intangible assets	​		(80)	​		(47)	​
Right-of-use asset	​	​	(4,756)	​	​	(5,141)	​
Internal Revenue Code 481(a) adjustment	​	​	—	​	​	(412)	​
Other	​		(1,107)	​		(1,849)	​
Gross deferred tax liabilities	​		(5,943)	​		(7,449)	​
Deferred taxes, net	​	$	57,851	​	$	68,060	​

Schedule of reconciliation of the beginning and ending balance of unrecognized tax benefits

​

​	​	​	​	​	​	​	​	​	​	​
​		​	Year ended December 31,
​	​	2020		​	2019			2018
​	​	(in thousands)								​
Balance at beginning of year	​	$	9,799	​	$	9,127	​	$	9,105	​
Increase / (decrease) in unrecognized tax benefits as a result of tax positions taken during a prior period	​		(502)	​		215	​		(132)	​
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitation	​	​	—	​	​	(334)	​	​	(543)	​
Increases in unrecognized tax benefits as a result of tax positions taken during the current period	​		747	​		791	​		697	​
Balance at end of year	​	$	10,044	​	$	9,799	​	$	9,127	​
​	​	​	​	​	​	​	​	​	​	​
Recorded as other long-term liability	​	$	472	​	$	409	​	$	676	​
Recorded as a decrease in deferred tax assets	​		9,572	​		9,390	​		8,451	​
Balance at end of year	​	$	10,044	​	$	9,799	​	$	9,127	​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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