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Income Taxes (Tables)

12 Months Ended

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

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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.

+ References

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-Topic 740
-SubTopic 10
-Section 50
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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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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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