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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

Schedule Of Components Of Total Income Tax Provision

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

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, 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		%

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, 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

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Schedule Of Components Of Total Income Tax Provisions [Table Text Block]

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Publisher FASB
-Name Accounting Standards Codification
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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

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