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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of components of the provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		2023			2022			2021
Current provision:		​			​			​
Federal	​	$	12,384	​	$	12,225	​	$	7,176
State	​		1,109	​		1,360	​		346
Deferred (benefit) provision:	​		​	​		​	​		​
Federal	​		(3,047)	​		(1,687)	​		(248)
State	​		(79)	​		(111)	​		108
Total income tax provision	​	$	10,367	​	$	11,787	​	$	7,382

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

​

​	​	​	​	​	​	​	​
​		2023		2022		2021
Federal statutory rate		21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit		1.2		1.3		0.9
Research and experimentation credit		(1.3)		(0.7)		(0.9)
Non-deductible expenses	​	(0.7)	​	0.3	​	(0.8)	​
Change in contingencies		0.5		0.8		0.4
Adjustments related to vesting of restricted stock		(0.1)		(0.1)		(1.0)
Other		(0.7)		—		0.7
Effective tax rate		19.9	%	22.6	%	20.3	%

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
December 31,		2023			2022
(in thousands)		​			​
Deferred tax assets:		​			​
Warranty costs	​	$	1,557	​	$	1,254
Sales incentives and discounts	​		570	​		110
Stock-based compensation	​		824	​		866
Long-term retirement plan	​		3,960	​		3,099
Capitalized research and development	​	​	2,900	​	​	1,300
All others, net	​		465	​		490
Total deferred tax assets	​		10,276	​		7,119
Deferred tax liabilities:	​			​
Depreciation and amortization expense	​		(1,686)	​		(1,092)
Net deferred tax assets	​	$	8,590	​	$	6,027

Schedule of unrecognized tax benefits

​

​	​	​	​	​	​	​
(in thousands)		2023			2022
Balance at beginning of the year	​	$	1,058	​	$	539
Additions based on tax positions related to the current year	​		236	​		393
Additions for tax positions of prior years	​		55	​		126
Balance at end of the year	​	$	1,349	​	$	1,058

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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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