XML 27 R13.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income taxes |
Income taxes | Note 7 - Income taxes Income tax expense for the years ended December 31, 2023, 2022 and 2021 was $17.6 million, $13.4 million and $1.1 million, respectively. The income tax expense (benefit) for each of the years ended December 31, 2023, 2022 and 2021 were provided for federal and state income tax at statutory rates applied to the pre-tax income (loss) for each of the periods. The following summarizes the provision for income taxes: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years Ended December 31, |  | 2023 |  | 2022 |  | 2021
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 10,319 | ​ | $ | 11,995 | ​ | $ | 453
State and local | ​ |  | 2,940 | ​ |  | 2,835 | ​ |  | 350
​ | ​ |  | 13,259 | ​ |  | 14,830 | ​ |  | 803
Deferred: | ​ |  | ​ | ​ |  | ​ | ​ |  |
Federal | ​ |  | 3,667 | ​ |  | (323) | ​ |  | 267
State and local | ​ |  | 647 | ​ |  | (1,126) | ​ |  | 70
​ | ​ |  | 4,314 | ​ |  | (1,449) | ​ |  | 337
Expense for income taxes | ​ | $ | 17,573 | ​ | $ | 13,381 | ​ | $ | 1,140
​ Reconciliation of the Company’s actual tax rate to the U.S. Federal statutory rate is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Years ended December 31, |  | 2023 |  | 2022 |  | 2021 |
Income tax rates | ​ | ​ | ​ | ​ | ​ | ​ | ​
- Statutory U.S. federal rate |  | 21 | % | 21 | % | 21 | %
- State income taxes, net of federal benefit |  | 4 | % | 4 | % | 0 | %
- Excess tax benefits related to stock compensation |  | (1) | % | (1) | % | (4) | %
- 162m limitation | ​ | 1 | % | 1 | % | — | ​
- PPP Benefit | ​ | 0 | % | 0 | % | (2) | %
- Change in valuation allowance |  | 0 | % | (13) | % | (12) | %
- Other true-up | ​ | 0 | % | (1) | % | — | ​
Total |  | 25 | % | 11 | % | 3 | %
​ For the year ended December 31, 2023, the Company had no federal NOLs carryforward. For the year ended December 31, 2023, the Company had state tax NOL carryforwards of approximately $1.8 million, expiring in various years. Deferred income tax represents the tax effect of the differences between the book and tax bases of assets and liabilities. The net deferred income tax assets (liabilities) consisted of the following at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
December 31, |  | 2023 |  | 2022
(in thousands) | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets (liabilities): | ​ | ​ | ​ | ​ | ​ | ​
- Reserve for doubtful accounts | ​ | $ | 497 | ​ | $ | 500
- Inventory reserve | ​ |  | 687 | ​ |  | 1,045
-Non qualified stock options | ​ |  | 529 | ​ |  | 383
- Deferred interest | ​ |  | — | ​ |  | 2,637
- Accrued expenses | ​ |  | 82 | ​ |  | 107
Total Deferred income tax assets | ​ | $ | 1,795 | ​ | $ | 4,672
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
- Depreciation and amortization | ​ | ​ | (6,353) | ​ | ​ | (4,916)
Total deferred tax liabilities | ​ | ​ | (6,353) | ​ | ​ | (4,916)
Net deferred tax liabilities | ​ | $ | (4,558) | ​ | $ | (244)
​ We review the likelihood that we will realize the benefit of our deferred tax assets, and therefore the need for valuation allowances, on a quarterly basis. In determining the requirement for a valuation allowance, the historical and projected financial results are considered, along with all other available positive and negative evidence. The Company’s 2019 and prior federal tax years have been closed. The Company operates in many states throughout the United States and, as of December 31, 2023, the state statutes of limitations remain open for tax years subsequent to 2018. The Company recognizes interest and penalties, if any, relating to income taxes as a component of the provision for income taxes.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration