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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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)			2021						2020
Deferred income tax assets:
Inventory valuation reserves			$	310					$	176
Inventory capitalization			1,207						1,120
Accrued bonus			680						328
State net operating loss carryforwards			1,606						1,669
Federal net operating loss carryforwards			890						—
Lease liabilities			8,069						7,484
Accrued Federal Insurance Contributions Act ("FICA") deferral			155						299
Intangible asset basis differences			2,980						3,706
Other			550						534
Total deferred income tax assets			16,447						15,316
Federal & State valuation allowance			(3,700)						(4,243)
Total net deferred income tax assets			12,747						11,073
Deferred income tax liabilities:
Fixed asset basis differences			7,276						5,562
Prepaid expenses			381						276
Lease assets			7,523						7,067
Interest rate swap			—						68
Other			—						57
Total deferred income tax liabilities			15,180						13,030
Deferred income taxes, net			$	(2,433)					$	(1,957)

Schedule of Components of Provision for Income Taxes

Significant components of the provision for income taxes are as follows:

(in thousands)			2021						2020
Current:
Federal			$	6,786					$	(6,024)
State			538						23
Total current			7,324						(6,001)
Deferred:
Federal			(1,943)						1,011
State			(128)						284
Total deferred			(2,071)						1,295
Total			$	5,253					$	(4,706)

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)			2021												2020
			Amount						%						Amount						%
Tax at U.S. statutory rates			$	5,354					21.0		%				$	(6,714)					21.0		%
State income taxes, net of federal tax benefit			371						1.5		%				73						(0.2)		%
Federal and State valuation allowance			(539)						(2.1)		%				2,541						(7.9)		%
CARES Act carryback benefits			—						—		%				(1,123)						3.5		%
Stock option compensation			(196)						(0.8)		%				65						(0.2)		%
Executive compensation limitation			59						0.2		%				280						(0.9)		%
Transaction costs			134						0.5		%				—						—		%
Other nondeductible expenses			51						0.2		%				35						(0.1)		%
Other, net			19						0.1		%				137						(0.5)		%
Total			$	5,253					20.6		%				$	(4,706)					14.7		%

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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
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