Note 3 - Income Tax

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Income Tax Disclosure [Text Block]

3. Income Tax

As of

September 30, 2018,

and

December 31, 2017,

the Company had

no

U.S. federal net operating loss carryforwards. As of

September 30, 2018,

and

December 31, 2017,

the Company had state net operating loss carryforwards of

$43

thousand and

$33

thousand, respectively. The Company had

no

alternative minimum tax credit carryforwards as of

September 30, 2018,

or

December 31, 2017.

The Company establishes valuation allowances when necessary to reduce deferred tax assets to amounts expected to be realized. As of

September 30, 2018,

the Company had

no

valuation allowance recorded.

The effective income tax rate as of

September 30, 2018,

and

December 31, 2017,

was

25.0%

and (

184.5

)%, respectively.