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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of components of the provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
Years ended December 31,		2019			2018			2017
(in thousands)		​			​			​
Current provision:		​			​			​
Federal	​	$	6,637	​	$	6,173	​	$	8,623
State	​		202	​		616	​		546
Deferred (benefit) provision:	​			​			​
Federal	​		(715)	​		384	​		1,511
State	​		95	​		(6)	​		8
Total income tax provision	​	$	6,219	​	$	7,167	​	$	10,688

Schedule of reconciliation between the federal statutory rate and effective tax rate

​

​	​	​	​	​	​	​	​
Years ended December 31,		2019		2018		2017
Federal statutory rate		21.0	%	21.0	%	35.0	%
State income taxes, net of federal benefit		1.0		1.5		1.1
Research and experimentation credit		(1.2)		(0.8)		(0.8)
Non-deductible expenses	​	(0.7)	​	0.4	​	(3.5)	​
Change in contingencies		(0.1)		0.4		0.5
Adjustments related to the Act		0.0		(0.3)		5.6
Adjustments related to vesting of restricted stock		(1.5)		(1.8)		(2.4)
Other		(0.5)		(0.3)		0.1
Effective tax rate		18.0	%	20.1	%	35.6	%

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
December 31,		2019			2018
(in thousands)		​			​
Deferred tax assets:		​			​
Warranty costs	​	$	1,190	​	$	1,233
Sales incentives and discounts	​		404	​		317
Stock-based compensation	​		696	​		667
Pension	​		2,002	​		1,337
State NOL’s	​	​	484	​	​	588
State credits	​	​	1,818	​	​	2,794
All others	​		560	​		559
Valuation allowance	​		(1,818)	​		(2,794)
Total deferred tax assets	​		5,336	​		4,701
Deferred tax liabilities:	​			​
Depreciation and amortization expense	​		(947)	​		(1,009)
Basis differences in joint venture	​		(399)	​		(367)
Net deferred tax assets	​	$	3,990	​	$	3,325

Schedule of unrecognized tax benefits

​

​	​	​	​	​	​	​
​		2019			2018
Balance at January 1	​	$	393,000	​	$	243,000
(Decreases) additions based on tax positions related to the current year	​		(28,000)	​		81,000
(Decreases) additions for tax positions of prior years	​		(7,000)	​		69,000
Balance at December 31	​	$	358,000	​	$	393,000

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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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