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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of Provision for Income Tax Expense (Benefit)

The components of the provision for income tax expense (benefit) are as follows (in thousands):

		December 31, 2019
		Current				Deferred				Total
U.S. federal		$	8,446			$	(700	)		$	7,746
State and local			4,218				(913	)			3,305
Foreign			449				—				449
		$	13,113			$	(1,613	)		$	11,500

		December 31, 2018
		Current				Deferred				Total
U.S. federal		$	9,877			$	(2,847	)		$	7,030
State and local			3,867				(921	)			2,946
Foreign			553				—				553
		$	14,297			$	(3,768	)		$	10,529

		December 31, 2017
		Current				Deferred				Total
U.S. federal		$	8,656			$	3,763			$	12,419
State and local			1,808				(136	)			1,672
		$	10,464			$	3,627			$	14,091

Schedule of Net Deferred Tax Assets (Liabilities)

The components of net deferred tax assets (liabilities) are as follows (in thousands):

		December 31,
		2019				2018
Deferred tax assets:
Accrued liabilities, reserves and other		$	11,152			$	9,283
UNICAP			3,310				3,071
Tax basis goodwill			2,121				2,398
Investment in FORWARD			2,753				2,402
Equity-based compensation			1,371				855
Deferred revenue			1,229				—
Net operating loss			786				1,291
Gross deferred tax assets			22,722				19,300
Valuation allowance			(786	)			(1,291	)
Deferred tax assets, net of valuation allowance			21,936				18,009
Deferred tax liabilities:
Accrued expenses and reserves			(4,364	)			(3,723	)
State taxes			(53	)			48
Depreciation			(2,146	)			(487	)
Intangible assets			(83	)			(170	)
Total gross deferred liabilities			(6,646	)			(4,332	)
Net deferred tax assets		$	15,290			$	13,677

Schedule of Effective Tax Rate

Our effective tax rate was different than the statutory U.S. federal income tax rate for the following reasons:

		December 31,
		2019				2018				2017
Computed “expected” tax expense			21.0	%			21.0	%			35.0	%
Deferred rate adjustment			—				—				27.0
Valuation allowance			(1.1	)			0.2				6.1
State and local income taxes, net of federal tax benefit			5.8				5.7				4.7
Foreign-derived intangible income			(1.3	)			(1.6	)			—
Permanent items			1.2				1.3				0.3
Equity-based compensation			(1.2	)			—				—
Other			—				(1.0	)			0.7
			24.4	%			25.6	%			73.8	%

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Topic 740
-SubTopic 10
-Section 50
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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.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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