Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES  
Summary of income tax expense (benefit)

Income tax expense consists of (in thousands):

    

Current

    

Deferred

    

Total

Year ended December 31, 2021:

U.S. federal

$

11,003

$

(1,899)

$

9,104

U.S. state

 

1,780

 

(402)

 

1,378

Foreign

 

2,068

 

(891)

 

1,177

Total income tax expense

$

14,851

$

(3,192)

$

11,659

    

Current

    

Deferred

    

Total

Year ended December 31, 2020:

U.S. federal

$

(451)

$

271

$

(180)

U.S. state

 

86

 

301

 

387

Foreign

 

1,993

 

(550)

 

1,443

Total income tax expense

$

1,628

$

22

$

1,650

    

Current

    

Deferred

    

Total

Year ended December 31, 2019:

U.S. federal

$

529

$

1,339

$

1,868

U.S. state

 

1,170

 

(541)

 

629

Foreign

 

3

 

1,664

 

1,667

Total income tax expense

$

1,702

$

2,462

$

4,164

Summary of tax rate reconciliation

The provision for income taxes on pre-tax income differs from the amount computed by applying the U.S. federal statutory income tax rate of 21.0% for the years ended December 31, 2021, 2020 and 2019 due to the following (in thousands):

    

2021

    

2020

    

2019

Provision for income tax at the federal statutory rate

$

10,033

$

2,128

$

4,130

State taxes

 

1,357

 

204

 

678

Permanent differences

 

755

 

(748)

 

48

Foreign taxes

 

-

 

-

 

(222)

Change in valuation allowance 

 

1,012

 

284

 

-

Executive compensation

1,934

-

-

Return to provision

659

-

-

FDII deduction

(4,093)

-

-

Other

 

2

 

(218)

 

(470)

Total income tax expense

$

11,659

$

1,650

$

4,164

Summary of significant components of deferred taxes

    

2021

    

2020

Deferred tax assets:

 

  

Net operating losses

$

102

$

424

Foreign tax credit carryforwards

 

1,212

 

2,005

Inventory basis differences

 

11,536

 

8,655

Deferred rent

 

-

 

83

Maintenance deposit payments

 

625

 

605

Deferred revenue

 

684

 

625

Allowance for doubtful accounts

 

404

 

398

Start up costs

731

973

Intangible assets

 

149

 

410

Stock compensation

1,260

-

Outside basis difference

1,296

-

Accrued expenses

 

774

 

1,070

Other

 

343

 

112

Total deferred tax assets

$

19,116

 

15,360

Deferred tax liabilities:

 

 

Fixed assets

 

(7,471)

 

(6,981)

Section 481(a) adjustments

 

(851)

 

(1,784)

Deferred insurance proceeds

 

(598)

 

(603)

Total deferred tax liabilities

 

(8,920)

 

(9,368)

Valuation Allowances

(1,296)

(284)

Deferred income taxes, net

$

8,900

$

5,708