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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Provision for Income Tax (Benefit) | Income tax provision (benefit) for the years ended December 31, 2021 and 2020 is as follows:
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | 860 |  |  | $ | — |
State and local |  |  | 116 |  |  |  | 31 |
Foreign |  |  | — |  |  |  | 50 |
Total Current |  |  | 976 |  |  |  | 81 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | 3,188 |  |  |  | 238 |
State and local |  |  | 332 |  |  |  | (6 | )
Foreign |  |  | 1 |  |  |  | 32 |
Total before change in valuation allowance |  |  | 3,521 |  |  |  | 264 |
Change in valuation allowance |  |  | (379 | ) |  |  | (9 | )
Net deferred |  |  | 3,142 |  |  |  | 255 |
Income tax provision |  | $ | 4,118 |  |  | $ | 336 |
Reconciliation of Provision (Benefit) for Income Taxes | A reconciliation of the provision (benefit) for income taxes and the amount computed by applying the statutory federal income tax rate to income before income taxes is detailed below:
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Tax provision at expected statutory rate |  | $ | 3,939 |  |  | $ | 274 |
State taxes, net of federal benefit |  |  | 448 |  |  |  | 31 |
Permanent differences |  |  | (271 | ) |  |  | 45 |
Tax credits |  |  | (116 | ) |  |  | (125 | )
Tax credit expiration |  |  | — |  |  |  | 132 |
Foreign tax expense, and other |  |  | (7 | ) |  |  | 1 |
Change in rate |  |  | — |  |  |  | (38 | )
Change in valuation allowance |  |  | (379 | ) |  |  | (9 | )
Change in uncertain tax positions |  |  | 458 |  |  |  | — |
Provision to return |  |  | 13 |  |  |  | 15 |
Other |  |  | 33 |  |  |  | 10 |
Provision for income taxes |  | $ | 4,118 |  |  | $ | 336 |
Effective tax rate |  |  | 22.0 | % |  |  | 25.8 | %
Tax Effects of Temporary Differences and Carryforwards | Deferred income taxes for 2021 and 2020 were provided for the temporary differences between the financial reporting basis and the income tax basis of the Company's assets and liabilities. Tax effects of temporary differences and carryforwards at December 31, 2021 and 2020 were as follows:
|  | December 31, 2021 |  |  | December 31, 2020 |
|  | Deferred Tax |  |  | Deferred Tax |
|  | Asset |  |  | Liability |  |  | Asset |  |  | Liability |
|  | (in thousands) |
Inventory reserve |  | $ | 345 |  |  | $ | — |  |  | $ | 286 |  |  | $ | — |
Fixed assets |  |  | — |  |  |  | 44 |  |  |  | — |  |  |  | 58 |
Other reserves and accruals |  |  | 262 |  |  |  | — |  |  |  | 338 |  |  |  | — |
Unrealized gains on marketable securities |  |  | — |  |  |  | 1,024 |  |  |  | — |  |  |  | 27 |
Stock-based compensation |  |  | 2 |  |  |  | — |  |  |  | 8 |  |  |  | — |
Other |  |  | — |  |  |  | 6 |  |  |  | — |  |  |  | 12 |
Tax credit carryforwards |  |  | 318 |  |  |  | — |  |  |  | 1,717 |  |  |  | — |
Federal tax loss carryforwards |  |  | — |  |  |  | — |  |  |  | 892 |  |  |  | — |
State tax loss carryforwards |  |  | 23 |  |  |  | — |  |  |  | 252 |  |  |  | — |
Foreign tax loss carryforwards |  |  | 34 |  |  |  | — |  |  |  | 35 |  |  |  | — |
Total deferred income taxes |  |  | 984 |  |  | $ | 1,074 |  |  |  | 3,528 |  |  | $ | 97 |
Valuation allowance |  |  | — |  |  |  |  |  |  |  | (379 | ) |  |  |  |
Net deferred tax (liabilities) assets |  | $ | (90 | ) |  |  |  |  |  | $ | 3,052 |  |  |  |  |
Reconciliation of Unrecognized Tax Benefits | As of December 31, 2021, our unrecognized tax benefits totaled $458,000, and are included within other liabilities in our consolidated balance sheet. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2021 |
|  | (in thousands) |
Balance at January 1 |  | $ | — |
Additions for tax positions of prior years |  |  | 429 |
Additions based on tax positions related to the current year |  |  | 29 |
Balance at December 31 |  | $ | 458 |

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