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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

The income tax expense for the years ended December 31, 2024, 2023 and 2022 consists of (in thousands):

		2024				2023				2022
Current - Federal		$	52,876			$	34,975			$	12,858
Current - State			8,951				5,931				3,877
Deferred - Federal			(8,442	)			(16,093	)			4,739
Deferred - State			(1,011	)			(1,712	)			166
		$	52,374			$	23,101			$	21,640

Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate

The reconciliation of income tax expense computed at the statutory federal income tax rate of 21% to amounts included in the statements of operations is as follows:

		2024				2023				2022
Statutory rate			21.0	%			21.0	%			21.0	%
State tax			2.8	%			3.1	%			3.1	%
Executive compensation limitation			4.1	%			2.6	%			3.6	%
Tax credit			(0.1	)%			—				(1.9	)%
Stock compensation windfall			(4.1	)%			(4.4	)%			(5.6	)%
Other			0.5	%			2.1	%			0.5	%
			24.2	%			24.4	%			20.7	%

Components of Deferred Tax Assets

		2024				2023
Deferred tax assets:
Deferred compensation		$	7,950			$	6,473
Inventory			561				448
Intangible assets			29,167				24,847
Accrued expenses			4,863				788
Operating lease liability			762				854
Capitalized research			5,755				4,927
Total deferred tax assets			49,058				38,337
Deferred tax liabilities:
Prepaid expenses			(1,096	)			(1,023	)
Right-of use asset			(668	)			(759	)
Other			(1,312	)			(11	)
Total deferred tax liabilities			(3,076	)			(1,793	)
Deferred tax assets, net		$	45,982			$	36,544

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

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