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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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)			2022						2021
Deferred income tax assets:
Inventory valuation reserves			$	963					$	310
Inventory capitalization			907						1,207
Accrued bonus			150						680
State net operating loss carryforwards			1,572						1,606
Federal net operating loss carryforwards			1,088						890
Lease liabilities			7,744						8,069
Accrued Federal Insurance Contributions Act ("FICA") deferral			—						155
Interest Limitation Carryforwards			555						—
Intangible asset basis differences			3,262						2,980
Other			1,192						550
Total deferred income tax assets			17,433						16,447
Federal & State valuation allowance			(1,371)						(3,700)
Total net deferred income tax assets			16,062						12,747
Deferred income tax liabilities:
Fixed asset basis differences			7,184						7,276
Prepaid expenses			418						381
Lease assets			7,107						7,523
Total deferred income tax liabilities			14,709						15,180
Deferred income taxes, net			$	1,353					$	(2,433)

Schedule of Components of Provision for Income Taxes

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

(in thousands)			2022						2021
Current:
Federal			$	(189)					$	6,786
State			199						538
Total current			10						7,324
Deferred:
Federal			(3,657)						(1,943)
State			(564)						(128)
Total deferred			(4,221)						(2,071)
Total			$	(4,211)					$	5,253

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)			2022												2021
			Amount						%						Amount						%
Tax at U.S. statutory rates			$	3,750					21.0		%				$	5,354					21.0		%
State income taxes, net of federal tax benefit			226						1.3		%				371						1.5		%
Federal and State valuation allowance			(2,366)						(13.2)		%				(539)						(2.1)		%
Stock option compensation			(173)						(1.0)		%				(196)						(0.8)		%
Executive compensation limitation			—						—		%				59						0.2		%
Transaction costs			—						—		%				134						0.5		%
Tax Benefits Associated with Palmer Closure			(5,707)						(32.0)		%				—						—		%
Other nondeductible expenses			69						0.4		%				51						0.2		%
Other, net			(10)						(0.1)		%				19						0.1		%
Total			$	(4,211)					(23.6)		%				$	5,253					20.6		%

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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
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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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