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Income Taxes (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021:

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
		(Amounts in thousands)								(Amounts in thousands)
Income before income taxes:
Domestic		$	3,950			$	4,644			$	11,123			$	12,091
Foreign			(593	)			96				(903	)			(547	)
Income before income taxes		$	3,357			$	4,740			$	10,220			$	11,544

Provision for Income Taxes

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

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
		(Amounts in thousands)								(Amounts in thousands)
Current provision:
Federal		$	806			$	550			$	1,836			$	1,809
State			187				133				446				437
Foreign			(55	)			195				(4	)			179
Total current provision		$	938			$	878			$	2,278			$	2,425
Deferred provision (benefit):
Federal			12				372				496				659
State			(7	)			105				118				173
Foreign			(60	)			(41	)			(118	)			(140	)
Total deferred provision (benefit)			(55	)			436				496				692
Change in valuation allowance			68				20				272				89
Total provision for income taxes		$	951			$	1,334			$	3,046			$	3,206

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 nine months ended September 30, 2022 and 2021 were as follows (amounts in thousands):

		Three Months Ended September 30, 2022								Three Months Ended September 30, 2021
Income taxes computed at the federal statutory rate		$	705				21.0	%		$	995				21.0	%
State income taxes, net of federal tax benefit			168				5.0				238				5.0
Excess tax benefit from stock options/restricted shares			19				0.6				—				—
Difference in income tax rate on foreign earnings			(9	)			(0.3	)			81				1.7
Change in valuation allowance			68				2.0				20				0.4
		$	951				28.3	%		$	1,334				28.1	%

		Nine Months Ended September 30, 2022								Nine Months Ended September 30, 2021
Income taxes computed at the federal statutory rate		$	2,146				21.0	%		$	2,424				21.0	%
State income taxes, net of federal tax benefit			554				5.4				619				5.4
Excess tax benefit from stock options/restricted shares			10				0.1				(48	)			(0.4	)
Difference in income tax rate on foreign earnings			64				0.6				122				1.1
Change in valuation allowance			272				2.7				89				0.7
		$	3,046				29.8	%		$	3,206				27.8	%

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

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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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