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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense attributable to continuing operations for the years ended December 31, 2017, 2016, and 2015 consisted of the following (in thousands):




		2017			2016			2015
Current
Federal		$	12,448		$	11,605		$	9,814
State			780			511			396
Total current			13,228			12,116			10,210

Deferred
Federal			(667)			(3,078)			(125)
State			(63)			253			39
Foreign			107			(4)			(20)
Total deferred			(623)			(2,829)			(106)

Provision for income taxes on continuing operations		$	12,605		$	9,287		$	10,104



Schedule Of Components Of Total Income Tax Provision

The total provision for income taxes for the years ended December 31, 2017, 2016, and 2015 was $12.7 million, $9.0 million, $9.9 million, respectively.  Those amounts have been allocated to the following financial statement items:




		2017			2016			2015

Income from continuing operations		$	12,605		$	9,287		$	10,104
Income from discontinued operations			-			-			387
Stockholders' equity, unrealized (gains) losses on
investment securities & foreign currency			52			(74)			(357)
Additional paid in capital, share-based compensation tax benefit			-			(230)			(247)
Total provision for income taxes		$	12,657		$	8,983		$	9,887



Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) consisted of the following: (in thousands):




		December 31, 2017			December 31, 2016

Reserves on inventory and sales		$	233		$	446
Credit and loss carryforwards			494			527
Stock compensation			952			1,333
Accrued expenses and deferred costs			642			638
Inventory capitalization			229			252
Unrealized gain on investments			74			160
Total deferred tax assets			2,624			3,356

Prepaid expenses			(667)			(659)
Depreciation			(2,165)			(3,453)
Foreign currency			-			(23)
Total deferred tax liabilities			(2,832)			(4,135)

Net deferred tax liabilities		$	(208)		$	(779)




Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the United States federal statutory tax provision to the Company's provision for income taxes on continuing operations for the years ended December 31, 2017, 2016, and 2015 (in thousands, except percentages):




		2017					2016					2015
Statutory federal tax		$	14,114		35.0%		$	9,493		35.0%		$	10,381		35.0%
State income taxes, net of federal benefit			446		1.1%			797		2.9%			414		1.4%
Foreign taxes			(77)		-0.2%			3		0.0%			15		0.1%
Domestic manufacturer deduction			(870)		-2.2%			(920)		-3.4%			(824)		-2.8%
Share-based compensation			(1,191)		-3.0%			-		0.0%			-		0.0%
Other permanent differences			147		0.4%			41		0.2%			4		0.0%
Research and development and jobs credits			-		0.0%			(163)		-0.6%			(247)		-0.8%
Effect of Federal tax law change			(222)		-0.6%			-		0.0%			-		0.0%
Other state income tax benefits			-		0.0%			-		0.0%			114		0.4%
Other			258		0.8%			36		0.1%			247		0.8%
Provision for income taxes on continuing operations		$	12,605		31.3%		$	9,287		34.2%		$	10,104		34.1%



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- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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