Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Significant Components Deferred Tax Liabilities
Significant components of the Company's deferred tax liabilities and assets are as follows at the respective year ends: 
(in thousands)
2019
 
2018
Deferred income tax assets:
 
 
 
Sale leaseback deferred gain
$

 
$
1,311

Inventory valuation reserves
199

 
174

Inventory capitalization
1,696

 
1,501

Accrued bonus
497

 
911

State net operating loss carryforwards
1,835

 
1,934

Federal net operating loss carryforwards
139

 

Equity security mark to market
217

 
622

Straight line lease

 
231

Lease liabilities
8,945

 
150

Interest limitation carryforwards
754

 

Other
445

 
453

Total deferred income tax assets
14,727

 
7,287

       Valuation allowance
(1,700
)
 
(1,766
)
       Total net deferred income tax assets
13,027

 
5,521

Deferred income tax liabilities:
 
 
 
Tax over book depreciation and amortization
4,859

 
5,121

Prepaid expenses
296

 
377

Lease assets
8,537

 
92

Interest rate swap
77

 
104

Other
48

 
80

Total deferred income tax liabilities
13,817

 
5,774

Deferred income taxes
$
(790
)
 
$
(253
)
 
Schedule of Components of Provision for Income Taxes
Significant components of the provision for income taxes from continuing operations are as follows:
(in thousands)
2019
 
2018
 
2017
Current:
 
 
 
 
 
Federal
$
(10
)
 
$
3,469

 
$
1,067

State
57

 
290

 
107

Total current
47

 
3,759

 
1,174

Deferred:
 

 
 

 
 

Federal
(833
)
 
(108
)
 
(1,043
)
State
59

 
(275
)
 
6

Total deferred
(774
)
 
(383
)
 
(1,037
)
Total
$
(727
)
 
$
3,376

 
$
137

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)
2019
 
2018
 
2017
Amount
 
%
 
Amount
 
%
 
Amount
 
%
Tax at U.S. statutory rates
$
(790
)
 
21.0
 %
 
$
3,459

 
21.0
 %
 
$
503

 
34.0
 %
State income taxes, net of federal tax benefit
165

 
(4.4
)%
 
269

 
1.6
 %
 
66

 
4.4
 %
State valuation allowance
(60
)
 
1.6
 %
 
(315
)
 
(1.9
)%
 
8

 
0.6
 %
Manufacturing exemption

 
 %
 

 
 %
 
(117
)
 
(7.9
)%
Stock option compensation
(155
)
 
4.1
 %
 
(39
)
 
(0.2
)%
 

 
 %
Executive compensation limitation
57

 
(1.5
)%
 

 
 %
 

 
 %
Other nondeductible expenses
64

 
(1.7
)%
 

 
 %
 

 
 %
Rate change effects

 
 %
 

 
 %
 
(381
)
 
(25.8
)%
Other, net
(8
)
 
0.2
 %
 
2

 
 %
 
58

 
4.0
 %
Total
$
(727
)
 
19.3
 %
 
$
3,376

 
20.5
 %
 
$
137

 
9.3
 %