INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of components of the provision for income taxes

Years ended December 31,	2021		2020		2019
(in thousands)
Current provision:
Federal	$	7,176	$	4,741	$	6,637
State		346		582		202
Deferred (benefit) provision:
Federal		(248)		(410)		(715)
State		108		99		95
Total income tax provision	$	7,382	$	5,012	$	6,219

Schedule of reconciliation between the federal statutory rate and effective tax rate

Years ended December 31,	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	0.9		1.4		1.0
Research and experimentation credit	(0.9)		(1.5)		(1.2)
Non-deductible expenses	(0.8)		0.1		(0.7)
Change in contingencies	0.4		0.1		(0.1)
Adjustments related to vesting of restricted stock	(1.0)		(1.5)		(1.5)
Other	0.7		0.9		(0.5)
Effective tax rate	20.3	%	20.5	%	18.0	%

Schedule of components of deferred tax assets and liabilities

December 31,	2021		2020
(in thousands)
Deferred tax assets:
Warranty costs	$	1,021	$	1,107
Sales incentives and discounts		83		278
Stock-based compensation		780		717
Pension		3,196		2,365
State NOL’s		283		423
State credits		—		1,818
All others		506		635
Valuation allowance		—		(1,818)
Total deferred tax assets		5,869		5,525
Deferred tax liabilities:
Depreciation and amortization expense		(1,033)		(965)
Basis differences in joint venture		(444)		(485)
Net deferred tax assets	$	4,392	$	4,075

Schedule of unrecognized tax benefits

(in thousands)	2021		2020
Balance at January 1	$	401	$	358
Additions based on tax positions related to the current year		32		34
Additions for tax positions of prior years		106		9
Balance at December 31	$	539	$	401