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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

INCOME TAXES

Schedule of components of the provision for income taxes

Years ended December 31,		2018				2017				2016
(in thousands)
Current provision:
Federal		$	6,173			$	8,623			$	7,263
State			616				546				261
Deferred (benefit) provision:
Federal			384				1,511				(507	)
State			(6	)			8				(355	)
Total income tax provision		$	7,167			$	10,688			$	6,662

Schedule of reconciliation between the federal statutory rate and Marine Products' effective tax rate

Years ended December 31,		2018				2017				2016
Federal statutory rate			21.0	%			35.0	%			35.0	%
State income taxes, net of federal benefit			1.5				1.1				0.7
Research and experimentation credit			(0.8	)			(0.8	)			(1.0	)
Tax-exempt interest			(0.1	)			(0.2	)			(0.4	)
Tax-exempt loss (gain) on SERP assets			0.3				(0.6	)			(1.3	)
Manufacturing deduction			—				(3.0	)			(3.0	)
FDII deduction			(0.4	)			—				—
Change in valuation allowance			(0.1	)			(0.1	)			(1.4	)
Adjustments related to the Act			(0.3	)			5.6				—
Adjustments related to vesting of restricted stock			(1.8	)			(2.4	)			—
Other			0.8				1.0				(0.1	)
Effective tax rate			20.1	%			35.6	%			28.5	%

Schedule of components of deferred tax assets and liabilities

December 31,		2018				2017
(in thousands)
Deferred tax assets:
Warranty costs		$	1,233			$	1,182
Sales incentives and discounts			317				348
Stock-based compensation			667				611
Pension			1,337				1,406
Uniform capitalization			44				47
All others			515				479
State credits and NOL’s			3,382				6,124
Valuation allowance			(2,794	)			(5,447	)
Total deferred tax assets			4,701				4,750
Deferred tax liabilities:
Depreciation and amortization expense			(1,009	)			(781	)
Basis differences in joint venture			(367	)			(320	)
Net deferred tax assets		$	3,325			$	3,649

Schedule of unrecognized tax benefits

		2018				2017
Balance at January 1		$	243,000			$	15,000
Additions based on tax positions related to the current year			81,000				12,000
Additions for tax positions of prior years			69,000				216,000
Balance at December 31		$	393,000			$	243,000

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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 the change in unrecognized tax benefits.

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