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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Significant Components Deferred Tax Liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows at the respective year ends:
(in thousands) | 2020 |  | 2019
Deferred income tax assets: |  |  |
Inventory valuation reserves | 176 |  |  | 199 |
Inventory capitalization | 1,120 |  |  | 1,696 |
Accrued bonus | 328 |  |  | 497 |
State net operating loss carryforwards | 1,669 |  |  | 1,835 |
Federal net operating loss carryforwards | — |  |  | 139 |
Equity security mark to market | — |  |  | 217 |
Lease liabilities | 7,484 |  |  | 8,945 |
Interest limitation carryforwards | — |  |  | 754 |
Accrued Federal Insurance Contributions Act ("FICA") deferral | 299 |  |  | — |
Intangible asset basis differences | 3,706 |  |  | — |
Other | 534 |  |  | 445 |
Total deferred income tax assets | 15,316 |  |  | 14,727 |
Federal & State valuation allowance | (4,243) |  |  | (1,700) |
Total net deferred income tax assets | 11,073 |  |  | 13,027 |
Deferred income tax liabilities: |  |  |
Fixed asset basis differences | 5,562 |  |  | 4,859 |
Prepaid expenses | 276 |  |  | 296 |
Lease assets | 7,067 |  |  | 8,537 |
Interest rate swap | 68 |  |  | 77 |
Other | 57 |  |  | 48 |
Total deferred income tax liabilities | 13,030 |  |  | 13,817 |
Deferred income taxes | $ | (1,957) |  |  | $ | (790) |
Schedule of Components of Provision for Income Taxes | Significant components of the provision for income taxes are as follows:
(in thousands) | 2020 |  | 2019 |  |
Current: |  |  |  |  |
Federal | $ | (6,024) |  |  | $ | (10) |  |  |
State | 23 |  |  | 57 |  |  |
Total current | (6,001) |  |  | 47 |  |  |
Deferred: |  |  |  |  |
Federal | 1,011 |  |  | (833) |  |  |
State | 284 |  |  | 59 |  |  |
Total deferred | 1,295 |  |  | (774) |  |  |
Total | $ | (4,706) |  |  | $ | (727) |  |  |
Schedule of Reconciliation of Income Taxes Computed at U.S. Rate to Income Tax Expense | The reconciliation of income tax computed at the U. S. federal statutory tax rates to income tax expense is:
(in thousands) | 2020 |  | 2019 |  |
Amount |  | % |  | Amount |  | % |  |  |  |
Tax at U.S. statutory rates | $ | (6,714) |  |  | 21.0 | % |  | $ | (790) |  |  | 21.0 | % |  |  |  |
State income taxes, net of federal tax benefit | 73 |  |  | (0.2) | % |  | 165 |  |  | (4.4) | % |  |  |  |
Federal and State valuation allowance | 2,541 |  |  | (7.9) | % |  | (60) |  |  | 1.6 | % |  |  |  |
CARES Act carryback benefits | (1,123) |  |  | 3.5 | % |  | — |  |  | — | % |  |  |  |
Stock option compensation | 65 |  |  | (0.2) | % |  | (155) |  |  | 4.1 | % |  |  |  |
Executive compensation limitation | 280 |  |  | (0.9) | % |  | 57 |  |  | (1.5) | % |  |  |  |
Other nondeductible expenses | 35 |  |  | (0.1) | % |  | 64 |  |  | (1.7) | % |  |  |  |
Other, net | 137 |  |  | (0.5) | % |  | (8) |  |  | 0.2 | % |  |  |  |
Total | $ | (4,706) |  |  | 14.7 | % |  | $ | (727) |  |  | 19.3 | % |  |  |  |

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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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