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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income From Continuing Operations Before Income Taxes

Income from operations before income taxes consisted of the following:

			(Dollars in thousands)
			Year Ended December 31,
			2021						2020
United States			$	5,421					$	16,226
Canada			6,498						4,559
Total			$	11,919					$	20,785

Components of Provision (Benefit) for Income Taxes

Provision (benefit) for income taxes from operations for the years ended December 31, consisted of the following:

			(Dollars in thousands)
			Year Ended December 31,
			2021						2020
Current income tax expense:
U.S. federal			$	3,042					$	3,858
U.S. state			777						710
Canada			1,133						1,288
Total			$	4,952					$	5,856
Deferred income tax expense (benefit):
U.S. federal			$	(817)					$	236
U.S. state			(394)						52
Canada			(1,228)						(472)
Total			$	(2,439)					$	(184)
Total income tax expense (benefit):
U.S. federal			$	2,225					$	4,094
U.S. state			383						762
Canada			(95)						816
Total			$	2,513					$	5,672

Reconciliation Between Effective Income Tax Rate and Statutory Federal Rate

The reconciliation between the effective income tax rates and the statutory federal rates for operations are as follows:

			Year Ended December 31,
			2021						2020
Statutory Federal rate			21.0		%				21.0		%
Increase (decrease) resulting from:
Change in valuation allowance - current period activity			—						(2.2)
Change in valuation allowance - reversal			(10.3)						—
Foreign rate differential			1.9						—
Stock compensation			(3.7)						(2.0)
Compensation deduction limitation			0.9						1.5
State and local taxes, net			3.3						3.8
Asset basis true-up			5.5						—
Meals & entertainment			1.2						0.6
Change in uncertain tax positions			0.4						4.6
Provision to return differences			0.2						(0.1)
Other items, net			0.7						0.1
Provision for income taxes			21.1		%				27.3		%

Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities contain the following temporary differences:

			(Dollars in thousands)
			December 31,
			2021						2020
Deferred tax assets:
Net operating loss carryforward			$	4,073					$	5,431
Compensation and benefits			11,407						10,980
Inventory reserve			2,222						1,772
Transaction costs			2,077						—
Accounts receivable reserve			203						167
Leased assets			1,302						1,061
Property, plant & equipment			2,046						—
Intangible assets			202						—
Other			58						329
Total deferred tax assets			23,590						19,740
Deferred tax liabilities:
Intangible assets and goodwill			1,771						1,948
Lease liabilities			2,647						1,366
Property, plant and equipment			134						(975)
Other			598						503
Total deferred liabilities			5,150						2,842
Net deferred tax assets before valuation allowance			18,440						16,898
Valuation allowance			—						(1,257)
Net deferred tax assets			$	18,440					$	15,641

Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

			(Dollars in thousands)
			December 31,
			2021						2020
Balance at beginning of year			$	3,686					$	3,242
Additions for tax positions of current year			—						15
Additions for tax positions of prior years			554						1,413
Reductions for tax positions of prior year			—						—
Lapse of statute of limitations			(539)						(984)
Balance at end of year			$	3,701					$	3,686

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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 for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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