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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES Income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands):
| 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 49,433 |  |  | $ | 28,520 |  |  | $ | 11,024 |
State | 6,380 |  |  | 2,285 |  |  | 1,825 |
Total current | 55,813 |  |  | 30,805 |  |  | 12,849 |
Deferred |  |  |  |  |
Federal | (3,424) |  |  | 477 |  |  | 2,323 |
State | (291) |  |  | (77) |  |  | (729) |
Foreign | — |  |  | 201 |  |  | 4 |
Total deferred | (3,715) |  |  | 601 |  |  | 1,598 |
Provision for income taxes | $ | 52,098 |  |  | $ | 31,406 |  |  | $ | 14,447 |
The total provision for income taxes for the years ended December 31, 2021, 2020 and 2019 was $52.2 million, $31.4 million and $14.5 million, respectively. Those amounts have been allocated to the following financial statement items:
| 2021 |  | 2020 |  | 2019
Income from operations | $ | 52,098 |  |  | $ | 31,406 |  |  | $ | 14,447 |
Stockholders' equity, unrealized gains on investment securities & foreign currency | 66 |  |  | 14 |  |  | 75 |
Total provision for income taxes | $ | 52,164 |  |  | $ | 31,420 |  |  | $ | 14,522 |
The reconciliation of the United States federal statutory tax provision to the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 (in thousands, except percentages):
| 2021 |  | 2020 |  | 2019
Statutory federal tax | $ | 45,405 |  |  | 21.0 | % |  | $ | 28,196 |  |  | 21.0 | % |  | $ | 19,396 |  |  | 21.0 | %
State income taxes, net of federal benefit | 4,980 |  |  | 2.3 | % |  | 1,470 |  |  | 1.1 | % |  | 864 |  |  | 0.9 | %
Foreign taxes |  |  |  |  |  |  |  |  |  |  |
Hong Kong | 91 |  |  | 0.0 | % |  | 94 |  |  | 0.1 | % |  | 1 |  |  | 0.0 | %
Singapore | 32 |  |  | 0.0 | % |  | 107 |  |  | 0.1 | % |  | 3 |  |  | 0.0 | %
Share-based compensation - windfall | (1,835) |  |  | -0.8 | % |  | (415) |  |  | -0.3 | % |  | (6,424) |  |  | -7.0 | %
Research and development and jobs credits | (503) |  |  | -0.2 | % |  | (370) |  |  | -0.3 | % |  | (579) |  |  | -0.6 | %
Executive compensation | 2,652 |  |  | 1.2 | % |  | 966 |  |  | 0.7 | % |  | 442 |  |  | 0.4 | %
Valuation allowance | 468 |  |  | 0.2 | % |  | 1,342 |  |  | 1.0 | % |  | — |  |  | 0.0 | %
Other permanent differences | 808 |  |  | 0.4 | % |  | 16 |  |  | 0.0 | % |  | 744 |  |  | 0.9 | %
Provision for income taxes | $ | 52,098 |  |  | 24.1 | % |  | $ | 31,406 |  |  | 23.4 | % |  | $ | 14,447 |  |  | 15.6 | %
Significant components of the Company’s deferred tax assets (liabilities) consisted of the following (in thousands):
| December 31, 2021 |  | December 31, 2020
Reserves on inventory and sales | $ | 2,022 |  |  | $ | 753 |
Credit and loss carryforwards | 3,052 |  |  | 2,546 |
Stock compensation | 420 |  |  | 1,015 |
Accrued expenses and deferred costs | 4,240 |  |  | 3,274 |
Inventory capitalization | 3,514 |  |  | 120 |
Lease obligations | 7,191 |  |  | 2,178 |
Valuation allowance | (1,904) |  |  | (1,436) |
Total deferred tax assets | 18,535 |  |  | 8,450 |
Right-of-use assets | (5,375) |  |  | (2,032) |
Unrealized loss on investment securities | (6) |  |  | (24) |
Prepaid expenses | (1,175) |  |  | (1,022) |
Depreciation | (7,575) |  |  | (4,680) |
Total deferred tax liabilities | (14,131) |  |  | (7,758) |
Net deferred tax assets | $ | 4,404 |  |  | $ | 692 |
On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). It amends the Internal Revenue Code to provide relief and supportive measures for taxpayers impacted by the outbreak of COVID-19 virus. The key components of the Act are as follows: eliminating taxable income limitation for certain net operating losses (“NOL”) and permitting carry back NOLs arising in 2019 , 2020 and 2021 to five prior tax years; accelerating refunds of previously generated Alternative Minimum Tax credit; increasing business interest limitation from 30 percent to 50 percent of adjusted taxable income; amending depreciation for qualified improvement property (“QIP”) to 15- year property for QIP placed in service after December 31, 2018. The Company's income tax provision provided under the CARES Act did not have a material impact on the year ended December 31, 2021 and 2020. The impact to the Company’s 2021 earnings per common share was immaterial. The Company has separate state and foreign net operating loss carry forwards totaling $28.4 million that start expiring in 2029. The company continues to utilize the net operating loss carry forwards in 2022. The Company has recorded a valuation allowance for the portion of the net operating loss carry forwards which is not expected to be realized. We file income tax returns in the United States and various states and foreign jurisdictions. We are generally no longer subject to United States federal, state and local income tax examinations by tax authorities for the years before 2018.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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