Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit) Attributable to Current Operations

The significant components of our (provision for) benefit from income taxes attributable to current operations for the periods stated were as follows:


	For the Year Ended December 31,
(Dollars in thousands)	2023		2022		2021

Income (loss) before income taxes	$	22,325	$	997	$	(27,332)

Current:
Federal tax	$	—	$	—	$	—
State tax	299		38		48
Foreign tax	(17)		50		283
Total current	282		88		331
Deferred:
Federal tax	5,099		(20,642)		(4,178)
State tax	1,010		25		(1,561)
Foreign tax	268		(330)		256
Total deferred	6,377		(20,947)		(5,483)
Provision for (benefit from) income taxes	$	6,659	$	(20,859)	$	(5,152)

Schedule of Effective Income Tax Rate Reconciliation

The following table summarizes the principal elements of the difference between the United States federal statutory rate of 21% and our effective tax rate for the years ended December 31, 2023, 2022 and 2021:


(Dollars in thousands)	2023				2022				2021

Income (loss) before income taxes	$	22,325			$	997			$	(27,332)

Income taxes computed at the federal statutory rate	$	4,688	21.0	%	$	209	21.0	%	$	(5,740)	21.0	%
State income taxes, net of federal benefit	1,343		6.0	%	121		12.1	%	(1,513)		5.5	%


Change in valuation allowance	—		—	%	(21,850)		(2,191.6)	%	2,070		(7.6)	%
Research and development and other tax credits	—		—	%	(88)		(8.8)	%	(808)		3.0	%
Excess executive compensation	405		1.8	%	231		23.1	%	272		(1.0)	%
Other	223		0.9	%	518		52.0	%	567		(2.1)	%
Provision for (benefit from) income taxes	$	6,659	29.8	%	$	(20,859)	(2,092.2)	%	$	(5,152)	18.8	%

Schedule of Deferred Income Tax Assets

The components of deferred income tax assets at December 31, 2023 and 2022 were as follows:


	December 31,
(Dollars in thousands)	2023		2022

Capitalized research and development costs	$	12,706	$	13,862
Net operating loss carryforward	22,959		25,710
Property and equipment	3,445		4,142
Accrued liabilities, reserves and other expenses	2,781		3,877
Research and development credits	6,430		6,430
Tax credits	681		717
Stock-based compensation	1,733		1,834
Operating lease liabilities	2,831		3,999
Other	167		120
Gross deferred income tax assets	53,733		60,691
Deferred income tax liabilities:
Intangible assets	(2,299)		(2,269)
Right-of-use assets	(2,688)		(3,534)
Prepaid and other expenses	(158)		(162)
Gross deferred income tax liabilities	(5,145)		(5,965)
Net deferred income tax assets	48,588		54,726
Valuation allowance	(2,328)		(2,328)
Total deferred income tax assets	$	46,260	$	52,398