Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
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) 2020 2019
Deferred income tax assets:    
Inventory valuation reserves 176  199 
Inventory capitalization 1,120  1,696 
Accrued bonus 328  497 
State net operating loss carryforwards 1,669  1,835 
Federal net operating loss carryforwards —  139 
Equity security mark to market —  217 
Lease liabilities 7,484  8,945 
Interest limitation carryforwards —  754 
Accrued Federal Insurance Contributions Act ("FICA") deferral 299  — 
Intangible asset basis differences 3,706  — 
Other 534  445 
Total deferred income tax assets 15,316  14,727 
Federal & State valuation allowance (4,243) (1,700)
       Total net deferred income tax assets 11,073  13,027 
Deferred income tax liabilities:
Fixed asset basis differences 5,562  4,859 
Prepaid expenses 276  296 
Lease assets 7,067  8,537 
Interest rate swap 68  77 
Other 57  48 
Total deferred income tax liabilities 13,030  13,817 
Deferred income taxes $ (1,957) $ (790)
Schedule of Components of Provision for Income Taxes
Significant components of the provision for income taxes are as follows:
(in thousands) 2020 2019
Current:    
Federal $ (6,024) $ (10)
State 23  57 
Total current (6,001) 47 
Deferred:    
Federal 1,011  (833)
State 284  59 
Total deferred 1,295  (774)
Total $ (4,706) $ (727)
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) 2020 2019
Amount % Amount %
Tax at U.S. statutory rates $ (6,714) 21.0  % $ (790) 21.0  %
State income taxes, net of federal tax benefit
73  (0.2) % 165  (4.4) %
Federal and State valuation allowance 2,541  (7.9) % (60) 1.6  %
CARES Act carryback benefits (1,123) 3.5  % —  —  %
Stock option compensation 65  (0.2) % (155) 4.1  %
Executive compensation limitation 280  (0.9) % 57  (1.5) %
Other nondeductible expenses 35  (0.1) % 64  (1.7) %
Other, net 137  (0.5) % (8) 0.2  %
Total $ (4,706) 14.7  % $ (727) 19.3  %