INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of Income before Income Tax

(in thousands)
Years ended December 31,	2024		2023		2022
Income before income taxes - Domestic	$	21,142	$	52,062	$	52,134

Schedule of components of the provision for income taxes

(in thousands)
Years ended December 31,	2024		2023		2022
Current provision:
Federal	$	3,986	$	12,384	$	12,225
State		442		1,109		1,360
Deferred (benefit):
Federal		(1,101)		(3,047)		(1,687)
State		(38)		(79)		(111)
Total income tax provision	$	3,289	$	10,367	$	11,787

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

(in thousands)
Years ended December 31,		2024				2023				2022
Federal statutory rate	$	4,440	21.0	%	$	10,933	21.0	%	$	10,948	21.0	%
State income taxes, net of federal benefit (a)		275	1.3			647	1.2			652	1.3
Tax credits
Research and Development Credit		(110)	(0.5)			(652)	(1.3)			(353)	(0.7)
Investment Tax Credit		(1,003)	(4.7)			—	—			—	—
Change in unrecognized tax benefits		49	0.2			241	0.5			434	0.8
Non-deductible expenses		(162)	(0.8)			(137)	(0.2)			391	0.7
Cross-border tax laws		(71)	(0.3)			(243)	(0.5)			(232)	(0.4)
Other		(129)	(0.6)			(422)	(0.8)			(53)	(0.1)
Income tax provision and effective tax rate	$	3,289	15.6	%	$	10,367	19.9	%	$	11,787	22.6	%

(a) State taxes in Florida and Georgia made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of components of deferred tax assets and liabilities

(in thousands)
December 31,	2024		2023
Deferred tax assets:
Warranty costs	$	1,370	$	1,557
Sales incentives and discounts		436		570
Self-insurance		524		215
Stock-based compensation		908		824
Long-term retirement plan		4,767		3,960
Capitalized research and development		3,226		2,900
All others, net		331		250
Total deferred tax assets		11,562		10,276
Deferred tax liabilities:
Depreciation and amortization expense		(1,833)		(1,686)
Net deferred tax assets	$	9,729	$	8,590

Schedule of Income Taxes paid

(in thousands)
Years ended December 31,	2024		2023		2022
Federal	$	4,000	$	12,999	$	12,100
State
Florida		160		450		375
North Carolina		94		175		90
Other		222		287		457
Total net payments	$	4,476	$	13,911	$	13,022

Schedule of unrecognized tax benefits

(in thousands)	2024		2023
Balance at January 1	$	1,349	$	1,058
Additions based on tax positions related to the current year		21		236
Additions for tax positions of prior years		41		55
Balance at December 31	$	1,411	$	1,349