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Note 15 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		As of December 31,
(in thousands)		2021				2020				2019
Current:
Federal		$	36,592			$	321			$	1,747
International			85				103				107
State and local			7,739				59				22
			44,416				483				1,876
Deferred			(668	)			(1,799	)			(443	)
Income tax provision (benefit)		$	43,748			$	(1,316	)		$	1,433

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

(in thousands)		2021				2020
Deferred tax assets:
Inventory (excluding LIFO reserve)		$	2,198			$	1,529
Net operating loss and tax credit carryforwards			1,375				3,510
Allowance for credit losses			626				440
Accrued expenses			5,288				5,778
Lease liabilities			8,568				7,348
Interest rate hedge			665				1,405
Other			205				390
Deferred tax assets before valuation allowance			18,925				20,400
Valuation allowance			(1,197	)			(2,302	)
Total deferred tax assets			17,728				18,098
Deferred tax liabilities:
LIFO reserve			(3,500	)			(3,528	)
Property and equipment			(12,293	)			(13,562	)
Lease right of use assets			(8,483	)			(7,294	)
Intangibles			(3,342	)			(3,532	)
Total deferred tax liabilities			(27,618	)			(27,916	)
Deferred tax liabilities, net		$	(9,890	)		$	(9,818	)

Schedule of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns Roll Forward [Table Text Block]

(in thousands)		2021				2020				2019
Balance as of January 1		$	28			$	28			$	27
Change in tax due to tax law			-				-				-
Increases related to current year tax positions			8				8				10
Increases related to prior year tax positions			200				-				-
Decreases related to lapsing of statute of limitations			(8	)			(8	)			(9	)
Balance as of December 31		$	228			$	28			$	28

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2021				2020				2019
U.S. federal statutory rate in effect			21.0	%			21.0	%			21.0	%
State and local taxes, net of federal benefit			4.5	%			1.0	%			3.7	%
Meals and entertainment			0.1	%			(1.8	%)			5.8	%
Tax credits			(0.1	%)			2.0	%			(4.2	%)
Stock based compensation			-				(3.4	%)			-
All other, net			1.0	%			0.2	%			0.8	%
Effective income tax rate			26.5	%			19.0	%			27.1	%

X

- 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.

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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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