Note H - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	For Years Ended December 31 (in thousands)
	2023			2022			2021
Current:
Federal	$	9,314		$	7,389		$	6,675
State		(252	)		167			1,742
		9,062			7,556			8,417
Deferred:
Federal		(1,509	)		(2,157	)		(819	)
State		319			(154	)		(793	)
		(1,190	)		(2,311	)		(1,612	)
Total tax provision	$	7,872		$	5,245		$	6,805

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Percent of Pre-tax Income
	2023			2022			2021
Statutory rate		21.0	%		21.0	%		21.0	%
State tax, net of federal benefit		0.1	%		0.0	%		2.3	%
Research and development credit		(1.8	%)		(2.1	%)		(2.0	%)
Adjustment for prior year estimates		(0.6	%)		1.2	%		0.1	%
Foreign-derived intangible income		(0.3	%)		(0.2	%)		(0.2	%)
Tax exempt interest and dividends		0.0	%		(0.1	%)		(0.1	%)
Other		0.2	%		0.4	%		(0.1	%)
Effective rate		18.6	%		20.2	%		21.0	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	(In thousands)
	2023		2022
Deferred tax assets
Research and development expenses	$	3,215	$	1,284
State NOL and tax credit carryforwards		1,534		2,336
Insurance (primarily product liability)		1,128		1,142
Other		1,654		1,457
Inventory		969		1,095
Vacation		904		908
Doubtful accounts		140		1,933
Subtotal		9,544		10,155
Less: valuation allowance		954		1,960
Total deferred tax assets		8,590		8,195
Deferred tax liabilities
Goodwill and other intangibles		1,921		2,157
Depreciation		860		532
Deferred revenue		6		-
Total deferred tax liabilities		2,787		2,689
Net deferred tax assets	$	5,803	$	5,506

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	(In thousands)
	2023			2022
Balance at January 1	$	2,458		$	2,375
Increases for tax positions taken related to the current year		544			628
Increases for tax positions taken related to prior years		70			32
Lapse of statute of limitations		(530	)		(577	)
Settlements		(61	)		-
Balance at December 31	$	2,481		$	2,458