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Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is taxed as a C corporation and files income tax returns in the U.S. federal jurisdiction and in various state jurisdictions.
Provision for Income Taxes
The Company’s provision for income taxes related to continuing operations consists of the following:
For the Years Ended December 31,
(in thousands)202520242023
Current tax provision
U.S. Federal$4,676 $6,902 $5,851 
State and local2,275 2,541 1,845 
Total current tax provision6,951 9,443 7,696 
Deferred tax provision
U.S. Federal2,558 16 (253)
State and local56 (368)(97)
Total deferred tax provision2,614 (352)(350)
Income tax provision$9,565 $9,091 $7,346 
The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 resulted in effective tax rates on continuing operations of 19.7%, 22.7%, and 26.1%, respectively.
As further described in Note 2, the Company has elected to retrospectively adopt the guidance in ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective tax rate for the years ended December 31, 2025, 2024 and 2023 in accordance with the guidance in ASU 2023-09.
For the Years Ended December 31,
(in thousands, except for percentages)202520242023
Provision for income taxes at U.S. federal statutory rate$10,212 21.0 %$8,393 21.0 %$5,901 21.0 %
State income taxes, net of federal income tax effect(1)
1,842 3.8 %1,717 4.3 %1,353 4.8 %
Nontaxable or nondeductible items
   162(m) limitation2,567 5.3 %1,725 4.3 %263 0.9 %
   Stock-based compensation(5,311)(10.9)%(2,646)(6.6)%(304)(1.1)%
   Other151 0.3 %123 0.3 %133 0.5 %
Other adjustments104 0.2 %(109)(0.3)%135 0.5 %
Tax credits
   Research and development— — %(112)(0.3)%(135)(0.5)%
Income tax provision and effective tax rate$9,565 19.7 %$9,091 22.7 %$7,346 26.1 %
(1)    The states that contributed to the majority (greater than 50%) of the tax effect in this category included: For fiscal year ended December 31, 2025, Florida, Michigan, and Massachusetts; for fiscal year ended December 31, 2024, Florida, Michigan, Pennsylvania and Tennessee; and for fiscal year ended December 31, 2023, Michigan, Florida and Massachusetts.
The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. The Company’s 2022 and forward tax returns remain subject to examination by the U.S. federal taxing authorities. The Company’s 2021 and forward tax returns remain subject to examination by various state taxing authorities.
Applying the updated requirements in ASU 2023-09 on a retrospective basis, cash payments made for income taxes, net of refunds, were as follows:
For the Years Ended December 31,
(in thousands)202520242023
U.S. federal taxes$4,950 $6,400 $7,300 
U.S. state and local taxes:(1)
Michigan418 442 *
Florida528 **
All other states and locals below 5% threshold1,450 1,687 1,856 
Total income taxes paid$7,346 $8,529 $9,156 
(1)    Income taxes paid, net of refunds, exceeded 5% of total income taxes paid, in the following jurisdictions.
*    Jurisdiction below the threshold for the period presented.
Deferred Tax Assets (Liabilities)
Deferred tax assets and liabilities are recognized for temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The significant components of deferred tax assets and liabilities were as follows:
As of December 31,
(in thousands)20252024
Deferred tax assets:
Accrued expenses$510 $649 
Allowance for doubtful accounts334 100 
Intangibles1,918 915 
Goodwill2,984 3,581 
Startup costs38 48 
Stock-based compensation2,891 2,187 
Research and development expenses— 1,415 
Lease liabilities6,684 7,018 
Accrued bonuses and commissions99 384 
Total deferred tax assets15,458 16,297 
Deferred tax liabilities:
Fixed assets(7,197)(4,386)
Right-of-use assets(4,987)(5,317)
   Percentage of completion(350)(1,006)
Interest(7)(57)
Total deferred tax liabilities(12,541)(10,766)
Net deferred tax asset$2,917 $5,531 
Management assesses the realizability of deferred tax assets based on whether it is more likely than not that such assets will be realized, which depends on the generation of sufficient future taxable income in the periods in which the related temporary differences reverse. In performing this assessment, the Company considers both positive and negative evidence. Based on this evaluation, management concluded that the Company’s deferred tax assets are more likely than not to be fully realized; accordingly, no valuation allowance was recorded as of December 31, 2025 and 2024.
As of December 31, 2025 and 2024, the Company had no net operating loss carryforwards.
Liabilities for Uncertain Tax Positions
The Company had no unrecognized tax benefits as of December 31, 2025 and 2024.