Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following (in thousands):

	2020		2019		2018
Current
Federal	$	28,520	$	11,024	$	16,398
State		2,285		1,825		1,048
Total current		30,805		12,849		17,446
Deferred
Federal		477		2,323		(2,393)
State		(77)		(729)		(89)
Foreign		201		4		(205)
Total deferred		601		1,598		(2,687)
Provision for income taxes	$	31,406	$	14,447	$	14,759

Schedule Of Components Of Total Income Tax Provision

The total provision for income taxes for the years ended December 31, 2020, 2019 and 2018 was $31.4 million, $14.5 million and $14.8 million, respectively. Those amounts have been allocated to the following financial statement items:

	2020		2019		2018
Income from operations	$	31,406	$	14,447	$	14,759
Stockholders' equity, unrealized gains on
investment securities & foreign currency		14		75		43
Total provision for income taxes	$	31,420	$	14,522	$	14,802

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, 2020		December 31, 2019
Reserves on inventory and sales	$	753	$	745
Credit and loss carryforwards		2,546		1,269
Stock compensation		1,015		756
Accrued expenses and deferred costs		3,274		2,465
Inventory capitalization		120		307
Lease obligations		2,178		3,288
Valuation allowance		(1,436)		-
Total deferred tax assets		8,450		8,830
Right-of-use assets		(2,032)		(3,114)
Unrealized loss on investment securities		(24)		(10)
Prepaid expenses		(1,022)		(1,034)
Depreciation		(4,680)		(3,365)
Total deferred tax liabilities		(7,758)		(7,523)
Net deferred tax assets	$	692	$	1,307

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, 2020, 2019 and 2018 (in thousands, except percentages):

	2020			2019			2018
Statutory federal tax	$	28,196	21.0%	$	19,396	21.0%	$	14,815	21.0%
State income taxes, net of federal benefit		1,470	1.1%		864	0.9%		769	1.1%
Foreign taxes
Hong Kong		94	0.1%		1	0.0%		81	0.1%
Singapore		107	0.1%		3	0.0%		93	0.2%
Share-based compensation - windfall		(415)	(0.3)%		(6,424)	(7.0)%		(1,852)	(2.6)%
Other permanent differences		1,218	0.9%		1,004	1.1%		615	0.8%
Research and development and jobs credits		(370)	(0.3)%		(579)	(0.6)%		(85)	(0.1)%
Valuation allowance		1,342	1.0%		-	0.0%		-	0.0%
Other		(236)	(0.2)%		182	0.2%		323	0.4%
Provision for income taxes	$	31,406	23.4%	$	14,447	15.6%	$	14,759	20.9%