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INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Taxes

Income Taxes

12.   INCOME TAXES

​

The provision for income taxes consisted of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Years Ended December 31,
​		2024			2023			2022
Current:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	23,642	​	$	24,648	​	$	25,483	​
State	​		7,528	​		7,343	​		8,200	​
Total current	​		31,170	​		31,991	​		33,683	​
Deferred:	​	​	​	​	​	​	​	​	​	​
Federal	​		(690)	​		(1,845)	​		(743)	​
State	​		(88)	​		(303)	​		(524)	​
Total deferred	​		(778)	​		(2,148)	​		(1,267)	​
Provision for income taxes	​	$	30,392	​	$	29,843	​	$	32,416	​

​

The components of the deferred taxes as of December 31, 2024 and 2023 are as follows (in thousands):

​

​	​	​	​	​	​	​	​
​		2024			2023
Deferred tax assets:	​	​	​	​	​	​	​
Allowance for credit losses	​	$	843	​	$	965	​
Inventory costs capitalized for tax purposes	​		99	​		127	​
Inventory valuation reserves	​		467	​		342	​
Sales return reserves	​		143	​		116	​
Deductible expenses, primarily employee-benefit related	​		35	​		6	​
Accrued compensation	​		1,738	​		1,304	​
Operating lease liability	​	​	863	​	​	1,251	​
Unclaimed property reserve	​	​	668	​	​	487	​
Other	​		1,080	​		469	​
Capitalized research and development	​	​	2,262	​	​	1,542	​
Stock-based compensation	​		352	​		1,937	​
State tax loss carryforwards	​		699	​		941	​
State tax credit carryforwards	​		1,159	​		921	​
Total gross deferred tax assets	​		10,408	​		10,408	​
Less: Valuation allowance	​		(1,502)	​		(1,789)	​
Net deferred tax assets	​		8,906	​		8,619	​
​	​	​	​	​	​	​	​
Deferred tax liabilities:	​	​	​	​	​	​	​
Goodwill and other intangibles	​		(14,555)	​		(14,227)	​
Property and equipment	​	​	(8,215)	​	​	(8,877)	​
Right-of-use assets	​	​	(791)	​	​	(1,106)	​
Prepaid expenses	​	​	(153)	​	​	(253)	​
Other	​		(283)	​		—	​
Total gross deferred tax liabilities	​		(23,997)	​		(24,463)	​
Net deferred tax liability	​	$	(15,091)	​	$	(15,844)	​
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Current deferred tax assets	​	$	—	​	$	—	​
Noncurrent deferred tax liability	​		(15,091)	​		(15,844)	​
Net deferred tax liability	​	$	(15,091)	​	$	(15,844)	​

​

The Company has deferred tax assets from state net operating loss carryforwards aggregating $885 as of December 31, 2024 representing state tax benefits, net of federal taxes, of approximately $699. These loss carryforwards are subject

to three, five, fifteen, twenty-year, or indefinite carryforward periods, with $1 expiring in 2025, $0 expiring in 2026, $32 expiring in 2027, $0 expiring in 2028, $2 expiring in 2029, $679 expiring beyond 2029, and $171 with no expiration. The Company has provided valuation allowances of $343 and $868 as of December 31, 2024 and 2023, respectively, against the state tax loss carryforwards, representing the portion of carryforward losses that the Company believes are not likely to be realized.

​

The Company also has New Hampshire Business Enterprise credits of $1,159. These credits are subject to a ten-year carryforward period, with $1,159 expiring beyond 2029. The Company has provided a valuation allowance of $1,159 as of December 31, 2024 against the New Hampshire Business Enterprise credit carryforwards.

​

The net change in the total valuation allowance reflects a $287 decrease and a $725 increase in 2024 and 2023, respectively.

​

A reconciliation of the Company’s 2024, 2023, and 2022 income tax provision to total income taxes at the statutory federal tax rate is as follows (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​		2024			2023			2022
Federal income taxes, at statutory tax rate	​	$	24,672	​	$	23,754	​	$	25,543	​
State income taxes, net of federal benefit	​		5,859	​		5,498	​		5,954	​
Nondeductible expenses	​		732	​		589	​		928	​
Other, net	​		(871)	​		2	​		(9)	​
Income tax provision	​	$	30,392	​	$	29,843	​	$	32,416	​

​

The Company files one consolidated U.S. Federal income tax return that includes all of its subsidiaries as well as several consolidated, combined, and separate Company returns in many U.S. state tax jurisdictions. The tax years 2021-2023 remain open to examination by the major state taxing jurisdictions in which the Company files. The tax years 2021-2023 remain open to examination by the Internal Revenue Service.

​

Previously, the Company recognized interest and penalties related to unrecognized income tax benefits as a component of income tax expense, and the corresponding accrual was included as a component of the Company’s liability for unrecognized income tax benefits. The Company did not recognize any interest and penalties for the years ended December 31, 2024, 2023 or 2022.

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The entire disclosure for income tax.

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