INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of components of the provision for income taxes

(in thousands)	2022		2021		2020
Current provision:
Federal	$	12,225	$	7,176	$	4,741
State		1,360		346		582
Deferred (benefit) provision:
Federal		(1,687)		(248)		(410)
State		(111)		108		99
Total income tax provision	$	11,787	$	7,382	$	5,012

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

	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.3		0.9		1.4
Research and experimentation credit	(0.7)		(0.9)		(1.5)
Non-deductible expenses	0.3		(0.8)		0.1
Change in contingencies	0.8		0.4		0.1
Adjustments related to vesting of restricted stock	(0.1)		(1.0)		(1.5)
Other	—		0.7		0.9
Effective tax rate	22.6	%	20.3	%	20.5	%

Schedule of components of deferred tax assets and liabilities

December 31,	2022		2021
(in thousands)
Deferred tax assets:
Warranty costs	$	1,254	$	1,021
Stock-based compensation		866		780
Pension		3,099		3,196
State NOL’s		221		283
Capitalized research and development		1,300		—
All others, net		789		589
Total deferred tax assets		7,529		5,869
Deferred tax liabilities:
Depreciation and amortization expense		(1,092)		(1,033)
Basis differences in joint venture		(410)		(444)
Net deferred tax assets	$	6,027	$	4,392

Schedule of unrecognized tax benefits

(in thousands)	2022		2021
Balance at beginning of the year	$	539	$	401
Additions based on tax positions related to the current year		393		32
Additions for tax positions of prior years		126		106
Balance at end of the year	$	1,058	$	539