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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​ | 2019 | ​ | 2018
Current | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 28,520 | ​ | $ | 11,024 | ​ | $ | 16,398
State | ​ | ​ | 2,285 | ​ | ​ | 1,825 | ​ | ​ | 1,048
Total current | ​ | ​ | 30,805 | ​ | ​ | 12,849 | ​ | ​ | 17,446
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 477 | ​ | ​ | 2,323 | ​ | ​ | (2,393)
State | ​ | ​ | (77) | ​ | ​ | (729) | ​ | ​ | (89)
Foreign | ​ | ​ | 201 | ​ | ​ | 4 | ​ | ​ | (205)
Total deferred | ​ | ​ | 601 | ​ | ​ | 1,598 | ​ | ​ | (2,687)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Provision for income taxes | ​ | $ | 31,406 | ​ | $ | 14,447 | ​ | $ | 14,759
​
Schedule Of Components Of Total Income Tax Provision | The total provision for income taxes for the years ended December 31, 2020, 2019 and 2018 was $31.4 million, $14.5 million and $14.8 million, respectively. Those amounts have been allocated to the following financial statement items:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​ | 2019 | ​ | 2018
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income from operations | ​ | $ | 31,406 | ​ | $ | 14,447 | ​ | $ | 14,759
Stockholders' equity, unrealized gains on | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
investment securities & foreign currency | ​ | ​ | 14 | ​ | ​ | 75 | ​ | ​ | 43
Total provision for income taxes | ​ | $ | 31,420 | ​ | $ | 14,522 | ​ | $ | 14,802
​
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, 2020 | ​ | December 31, 2019
​ | ​ | ​ | ​ | ​ | ​ | ​
Reserves on inventory and sales | ​ | $ | 753 | ​ | $ | 745
Credit and loss carryforwards | ​ | ​ | 2,546 | ​ | ​ | 1,269
Stock compensation | ​ | ​ | 1,015 | ​ | ​ | 756
Accrued expenses and deferred costs | ​ | ​ | 3,274 | ​ | ​ | 2,465
Inventory capitalization | ​ | ​ | 120 | ​ | ​ | 307
Lease obligations | ​ | ​ | 2,178 | ​ | ​ | 3,288
Valuation allowance | ​ | ​ | (1,436) | ​ | ​ | -
Total deferred tax assets | ​ | ​ | 8,450 | ​ | ​ | 8,830
​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets | ​ | ​ | (2,032) | ​ | ​ | (3,114)
Unrealized loss on investment securities | ​ | ​ | (24) | ​ | ​ | (10)
Prepaid expenses | ​ | ​ | (1,022) | ​ | ​ | (1,034)
Depreciation | ​ | ​ | (4,680) | ​ | ​ | (3,365)
Total deferred tax liabilities | ​ | ​ | (7,758) | ​ | ​ | (7,523)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax assets | ​ | $ | 692 | ​ | $ | 1,307
​
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 for the years ended December 31, 2020, 2019 and 2018 (in thousands, except percentages):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2020 | ​ | 2019 | ​ | 2018
Statutory federal tax | ​ | $ | 28,196 | ​ | 21.0% | ​ | $ | 19,396 | ​ | 21.0% | ​ | $ | 14,815 | ​ | 21.0%
State income taxes, net of federal benefit | ​ | ​ | 1,470 | ​ | 1.1% | ​ | ​ | 864 | ​ | 0.9% | ​ | ​ | 769 | ​ | 1.1%
Foreign taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Hong Kong | ​ | ​ | 94 | ​ | 0.1% | ​ | ​ | 1 | ​ | 0.0% | ​ | ​ | 81 | ​ | 0.1%
Singapore | ​ | ​ | 107 | ​ | 0.1% | ​ | ​ | 3 | ​ | 0.0% | ​ | ​ | 93 | ​ | 0.2%
Share-based compensation - windfall | ​ | ​ | (415) | ​ | (0.3)% | ​ | ​ | (6,424) | ​ | (7.0)% | ​ | ​ | (1,852) | ​ | (2.6)%
Other permanent differences | ​ | ​ | 1,218 | ​ | 0.9% | ​ | ​ | 1,004 | ​ | 1.1% | ​ | ​ | 615 | ​ | 0.8%
Research and development and jobs credits | ​ | ​ | (370) | ​ | (0.3)% | ​ | ​ | (579) | ​ | (0.6)% | ​ | ​ | (85) | ​ | (0.1)%
Valuation allowance | ​ | ​ | 1,342 | ​ | 1.0% | ​ | ​ | - | ​ | 0.0% | ​ | ​ | - | ​ | 0.0%
Other | ​ | ​ | (236) | ​ | (0.2)% | ​ | ​ | 182 | ​ | 0.2% | ​ | ​ | 323 | ​ | 0.4%
Provision for income taxes | ​ | $ | 31,406 | ​ | 23.4% | ​ | $ | 14,447 | ​ | 15.6% | ​ | $ | 14,759 | ​ | 20.9%
​

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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