Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
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) 2021 2020
Deferred income tax assets:    
Inventory valuation reserves $ 310  $ 176 
Inventory capitalization 1,207  1,120 
Accrued bonus 680  328 
State net operating loss carryforwards 1,606  1,669 
Federal net operating loss carryforwards 890  — 
Lease liabilities 8,069  7,484 
Accrued Federal Insurance Contributions Act ("FICA") deferral 155  299 
Intangible asset basis differences 2,980  3,706 
Other 550  534 
Total deferred income tax assets 16,447  15,316 
Federal & State valuation allowance (3,700) (4,243)
       Total net deferred income tax assets 12,747  11,073 
Deferred income tax liabilities:
Fixed asset basis differences 7,276  5,562 
Prepaid expenses 381  276 
Lease assets 7,523  7,067 
Interest rate swap —  68 
Other —  57 
Total deferred income tax liabilities 15,180  13,030 
Deferred income taxes, net $ (2,433) $ (1,957)
Schedule of Components of Provision for Income Taxes
Significant components of the provision for income taxes are as follows:
(in thousands) 2021 2020
Current:    
Federal $ 6,786  $ (6,024)
State 538  23 
Total current 7,324  (6,001)
Deferred:    
Federal (1,943) 1,011 
State (128) 284 
Total deferred (2,071) 1,295 
Total $ 5,253  $ (4,706)
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) 2021 2020
Amount % Amount %
Tax at U.S. statutory rates $ 5,354  21.0  % $ (6,714) 21.0  %
State income taxes, net of federal tax benefit
371  1.5  % 73  (0.2) %
Federal and State valuation allowance (539) (2.1) % 2,541  (7.9) %
CARES Act carryback benefits —  —  % (1,123) 3.5  %
Stock option compensation (196) (0.8) % 65  (0.2) %
Executive compensation limitation 59  0.2  % 280  (0.9) %
Transaction costs 134  0.5  % —  —  %
Other nondeductible expenses 51  0.2  % 35  (0.1) %
Other, net 19  0.1  % 137  (0.5) %
Total $ 5,253  20.6  % $ (4,706) 14.7  %