Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense for the years ended December 31, 2019, 2018 and 2017 consisted of the following (in thousands):

	2019		2018		2017
Current
Federal	$	11,024	$	16,398	$	12,448
State		1,825		1,048		780
Total current		12,849		17,446		13,228
Deferred
Federal		2,323		(2,393)		(667)
State		(729)		(89)		(63)
Foreign		4		(205)		107
Total deferred		1,598		(2,687)		(623)
Provision for income taxes	$	14,447	$	14,759	$	12,605

Schedule Of Components Of Total Income Tax Provision

The total provision for income taxes for the years ended December 31, 2019, 2018 and 2017 was $14.5 million, $14.8 million and $12.7 million, respectively. Those amounts have been allocated to the following financial statement items:

	2019		2018		2017
Income from operations	$	14,447	$	14,759	$	12,605
Stockholders' equity, unrealized losses on
investment securities & foreign currency		75		43		52
Total provision for income taxes	$	14,522	$	14,802	$	12,657

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets (liabilities) consisted of the following (in thousands):

	December 31, 2019		December 31, 2018
Reserves on inventory and sales	$	745	$	647
Credit and loss carryforwards		1,269		681
Stock compensation		756		812
Accrued expenses and deferred costs		2,639		2,473
Inventory capitalization		307		275
Unrealized gain on investments		-		65
Total deferred tax assets		5,716		4,953
Unrealized loss on investments		(10)		-
Prepaid expenses		(1,034)		(774)
Depreciation		(3,365)		(1,199)
Total deferred tax liabilities		(4,409)		(1,973)
Net deferred tax assets	$	1,307	$	2,980

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of the United States federal statutory tax provision to the Company’s provision for income taxes for the years ended December 31, 2019, 2018 and 2017 (in thousands, except percentages):

	2019			2018			2017
Statutory federal tax	$	19,396	21.0%	$	14,815	21.0%	$	14,114	35.0%
State income taxes, net of federal benefit		864	0.9%		769	1.1%		446	1.1%
Foreign taxes		4	0.0%		174	0.3%		(77)	-0.2%
Domestic manufacturer deduction		-	0.0%		-	0.0%		(870)	-2.2%
Share-based compensation		(6,424)	-7.0%		(1,852)	-2.6%		(1,191)	-3.0%
Other permanent differences		1,004	1.1%		615	0.8%		147	0.4%
Research and development and jobs credits		(579)	-0.6%		(85)	-0.1%		-	0.0%
Effect of Federal tax law change		-	0.0%		-	0.0%		(222)	-0.6%
Other		182	0.2%		323	0.4%		258	0.8%
Provision for income taxes	$	14,447	15.6%	$	14,759	20.9%	$	12,605	31.3%