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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes

The components of income before income taxes, as shown in the accompanying Financial Statements, consisted of the following for the three and six months ended June 30, 2022 and 2021:

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(Amounts in thousands)								(Amounts in thousands)
Income before income taxes:
Domestic		$	3,858			$	5,566			$	7,173			$	7,447
Foreign			(242	)			(399	)			(310	)			(643	)
Income before income taxes		$	3,616			$	5,167			$	6,863			$	6,804

Provision for Income Taxes

The provision for income taxes, as shown in the accompanying Financial Statements, consisted of the following for the three and six months ended June 30, 2022 and 2021:

		Three Months Ended June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
		(Amounts in thousands)								(Amounts in thousands)
Current provision (benefit):
Federal		$	932			$	901			$	1,030			$	1,259
State			234				211				259				304
Foreign			(35	)			(26	)			51				(16	)
Total current provision (benefit)			1,131				1,086				1,340				1,547
Deferred provision (benefit):
Federal			(58	)			293				484				287
State			(12	)			70				125				68
Foreign			(2	)			(57	)			(58	)			(99	)
Total deferred provision (benefit)			(72	)			306				551				256
Change in valuation allowance			121				37				204				69
Total provision for income taxes		$	1,180			$	1,429			$	2,095			$	1,872

Reconciliation of Income Taxes

The reconciliation of income taxes computed using the statutory U.S. income tax rate and the provision for income taxes for the three and six months ended June 30, 2022 and 2021 were as follows (amounts in thousands):

		Three Months Ended June 30, 2022								Three Months Ended June 30, 2021
Income taxes computed at the federal statutory rate		$	759				21.0	%		$	1,085				21.0	%
State income taxes, net of federal tax benefit			210				5.8				277				5.4
Excess tax benefit from stock options/restricted shares			68				1.9				19				0.4
Difference in income tax rate on foreign earnings/other			22				0.6				11				0.2
Change in valuation allowance			121				3.3				37				0.7
		$	1,180				32.6	%		$	1,429				27.7	%

		Six Months Ended June 30, 2022								Six Months Ended June 30, 2021
Income taxes computed at the federal statutory rate		$	1,441				21.0	%		$	1,429				21.0	%
State income taxes, net of federal tax benefit			386				5.6				381				5.6
Excess tax benefit from stock options/restricted shares			(9	)			(0.1	)			(48	)			(0.7	)
Difference in income tax rate on foreign earnings/other			73				1.0				41				0.6
Change in valuation allowance			204				3.0				69				1.0
		$	2,095				30.5	%		$	1,872				27.5	%

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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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
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