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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes |
Schedule of income before income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | (in thousands) |
United States | ​ | $ | 198,028 | ​ | $ | 116,380 | ​ | $ | 51,934 | ​
Foreign | ​ |  | 6,857 | ​ |  | 4,048 | ​ |  | 3,952 | ​
Income before income taxes | ​ | $ | 204,885 | ​ | $ | 120,428 | ​ | $ | 55,886 | ​
​
Schedule of provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | (in thousands) |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
United States | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 8,430 | ​ | $ | — | ​ | $ | — | ​
State | ​ |  | 1,716 | ​ |  | 82 | ​ |  | 157 | ​
Foreign | ​ |  | 3,124 | ​ |  | 1,439 | ​ |  | 1,062 | ​
Total current | ​ |  | 13,270 | ​ |  | 1,521 | ​ |  | 1,219 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 9,097 | ​ | ​ | 20,521 | ​ | ​ | 4,594 | ​
State | ​ | ​ | (102) | ​ | ​ | 406 | ​ | ​ | 295 | ​
Foreign | ​ |  | (459) | ​ |  | (670) | ​ |  | (204) | ​
Total deferred | ​ |  | 8,536 | ​ |  | 20,257 | ​ |  | 4,685 | ​
Income tax provision | ​ | $ | 21,806 | ​ | $ | 21,778 | ​ | $ | 5,904 | ​
​
Schedule of reconciliation of income taxes at the United States Federal statutory rate to the effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
​ | ​ | (in thousands) |
Income taxes at the United States statutory rate | ​ | $ | 43,026 | ​ | $ | 25,290 | ​ | $ | 11,736 | ​
State income taxes | ​ |  | 1,075 | ​ |  | 387 | ​ |  | 226 | ​
Effect of change in valuation allowance | ​ |  | 680 | ​ |  | (1,443) | ​ |  | 806 | ​
Foreign income tax rate differentials | ​ |  | 289 | ​ |  | 152 | ​ |  | 181 | ​
Stock based compensation | ​ |  | (3,818) | ​ |  | (3,658) | ​ |  | (2,803) | ​
Internal revenue code section 162(m) limitation | ​ | ​ | 2,692 | ​ | ​ | 1,481 | ​ | ​ | 409 | ​
Credit expirations | ​ | ​ | 1,181 | ​ | ​ | 2,342 | ​ | ​ | (14) | ​
Rate change | ​ | ​ | 94 | ​ | ​ | 159 | ​ | ​ | 151 | ​
Credit generation | ​ | ​ | (4,764) | ​ | ​ | (3,096) | ​ | ​ | (2,473) | ​
Discrete items, net | ​ | ​ | 206 | ​ | ​ | 72 | ​ | ​ | (147) | ​
Previously unrecognized tax benefit | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (4,063) | ​
GILTI inclusion | ​ | ​ | 69 | ​ | ​ | 301 | ​ | ​ | 732 | ​
Foreign-derived intangible income | ​ | ​ | (20,526) | ​ | ​ | — | ​ | ​ | — | ​
Other, net | ​ |  | 1,602 | ​ |  | (209) | ​ |  | 1,163 | ​
Income tax provision | ​ | $ | 21,806 | ​ | $ | 21,778 | ​ | $ | 5,904 | ​
​
Schedule of significant components of current and long-term deferred income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, |
​ | ​ | 2022 | ​ | 2021 |
​ |  | (in thousands) |
Deferred tax assets: | ​ | ​ |
Federal net operating loss carryforwards | ​ | $ | — | ​ | $ | 5,635 | ​
State net operating loss carryforwards | ​ |  | 291 | ​ |  | 727 | ​
Foreign net operating loss carryforwards | ​ |  | 276 | ​ |  | 371 | ​
Federal tax credit carryforwards | ​ |  | — | ​ |  | 18,840 | ​
State tax credit carryforwards | ​ |  | 8,683 | ​ |  | 8,138 | ​
Property, plant and equipment | ​ |  | 8,755 | ​ |  | 8,967 | ​
Operating lease liability | ​ | ​ | 1,564 | ​ | ​ | 792 | ​
Accrued compensation | ​ | ​ | 276 | ​ | ​ | 280 | ​
Inventories | ​ | ​ | 1,613 | ​ | ​ | 1,729 | ​
Stock compensation | ​ |  | 1,620 | ​ |  | 1,401 | ​
Warranty | ​ |  | 1,993 | ​ |  | 1,471 | ​
Deferred revenue | ​ | ​ | 4,501 | ​ | ​ | 836 | ​
Capitalized research and development costs | ​ | ​ | 18,067 | ​ | ​ | — | ​
Gross deferred tax assets | ​ | ​ | 47,639 | ​ | ​ | 49,187 | ​
Valuation allowance | ​ |  | (8,370) | ​ |  | (7,689) | ​
Net deferred tax assets | ​ | ​ | 39,269 | ​ | ​ | 41,498 | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Intangible assets | ​ |  | (176) | ​ |  | (72) | ​
Right-of-use asset | ​ | ​ | (5,400) | ​ | ​ | (4,918) | ​
Other | ​ |  | (1,992) | ​ |  | (1,054) | ​
Gross deferred tax liabilities | ​ |  | (7,568) | ​ |  | (6,044) | ​
Deferred taxes, net | ​ | $ | 31,701 | ​ | $ | 35,454 | ​
​
Schedule of reconciliation of the beginning and ending balance of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | Year ended December 31, |
​ | ​ | 2022 | ​ | 2021 |  | 2020 |
​ | ​ | (in thousands) | ​
Balance at beginning of year | ​ | $ | 9,961 | ​ | $ | 10,044 | ​ | $ | 9,799 | ​
Decrease in unrecognized tax benefits as a result of tax positions taken during a prior period | ​ |  | (122) | ​ |  | (546) | ​ |  | (502) | ​
Decreases in unrecognized tax benefits related to settlements with tax authorities | ​ |  | (708) | ​ |  | — | ​ |  | — | ​
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitation | ​ | ​ | — | ​ | ​ | (472) | ​ | ​ | — | ​
Increases in unrecognized tax benefits as a result of tax positions taken during the current period | ​ |  | 1,312 | ​ |  | 935 | ​ |  | 747 | ​
Balance at end of year | ​ | $ | 10,443 | ​ | $ | 9,961 | ​ | $ | 10,044 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Recorded as other long-term liability | ​ | $ | 7,190 | ​ | $ | — | ​ | $ | 472 | ​
Recorded as a decrease in deferred tax assets | ​ |  | 3,253 | ​ |  | 9,961 | ​ |  | 9,572 | ​
Balance at end of year | ​ | $ | 10,443 | ​ | $ | 9,961 | ​ | $ | 10,044 | ​

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