INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of components of the provision for income taxes

(in thousands)	2023		2022		2021
Current provision:
Federal	$	12,384	$	12,225	$	7,176
State		1,109		1,360		346
Deferred (benefit) provision:
Federal		(3,047)		(1,687)		(248)
State		(79)		(111)		108
Total income tax provision	$	10,367	$	11,787	$	7,382

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

	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.2		1.3		0.9
Research and experimentation credit	(1.3)		(0.7)		(0.9)
Non-deductible expenses	(0.7)		0.3		(0.8)
Change in contingencies	0.5		0.8		0.4
Adjustments related to vesting of restricted stock	(0.1)		(0.1)		(1.0)
Other	(0.7)		—		0.7
Effective tax rate	19.9	%	22.6	%	20.3	%

Schedule of components of deferred tax assets and liabilities

December 31,	2023		2022
(in thousands)
Deferred tax assets:
Warranty costs	$	1,557	$	1,254
Sales incentives and discounts		570		110
Stock-based compensation		824		866
Long-term retirement plan		3,960		3,099
Capitalized research and development		2,900		1,300
All others, net		465		490
Total deferred tax assets		10,276		7,119
Deferred tax liabilities:
Depreciation and amortization expense		(1,686)		(1,092)
Net deferred tax assets	$	8,590	$	6,027

Schedule of unrecognized tax benefits

(in thousands)	2023		2022
Balance at beginning of the year	$	1,058	$	539
Additions based on tax positions related to the current year		236		393
Additions for tax positions of prior years		55		126
Balance at end of the year	$	1,349	$	1,058