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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
Income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands):
202120202019
Current
Federal$49,433 $28,520 $11,024 
State6,380 2,285 1,825 
Total current55,813 30,805 12,849 
Deferred
Federal(3,424)477 2,323 
State(291)(77)(729)
Foreign— 201 4 
Total deferred(3,715)601 1,598 
Provision for income taxes$52,098 $31,406 $14,447 
The total provision for income taxes for the years ended December 31, 2021, 2020 and 2019 was $52.2 million, $31.4 million and $14.5 million, respectively. Those amounts have been allocated to the following financial statement items:
202120202019
Income from operations$52,098 $31,406 $14,447 
Stockholders' equity, unrealized gains on investment securities & foreign currency66 14 75 
Total provision for income taxes$52,164 $31,420 $14,522 
The reconciliation of the United States federal statutory tax provision to the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 (in thousands, except percentages):
202120202019
Statutory federal tax$45,405 21.0 %$28,196 21.0 %$19,396 21.0 %
State income taxes, net of federal benefit4,980 2.3 %1,470 1.1 %864 0.9 %
Foreign taxes
Hong Kong91 0.0 %94 0.1 %1 0.0 %
Singapore32 0.0 %107 0.1 %3 0.0 %
Share-based compensation - windfall(1,835)-0.8 %(415)-0.3 %(6,424)-7.0 %
Research and development and jobs credits(503)-0.2 %(370)-0.3 %(579)-0.6 %
Executive compensation2,652 1.2 %966 0.7 %442 0.4 %
Valuation allowance468 0.2 %1,342 1.0 %— 0.0 %
Other permanent differences808 0.4 %16 0.0 %744 0.9 %
Provision for income taxes$52,098 24.1 %$31,406 23.4 %$14,447 15.6 %
Significant components of the Company’s deferred tax assets (liabilities) consisted of the following (in thousands):
December 31, 2021December 31, 2020
Reserves on inventory and sales$2,022 $753 
Credit and loss carryforwards3,052 2,546 
Stock compensation420 1,015 
Accrued expenses and deferred costs4,240 3,274 
Inventory capitalization3,514 120 
Lease obligations7,191 2,178 
Valuation allowance(1,904)(1,436)
Total deferred tax assets18,535 8,450 
Right-of-use assets(5,375)(2,032)
Unrealized loss on investment securities(6)(24)
Prepaid expenses(1,175)(1,022)
Depreciation(7,575)(4,680)
Total deferred tax liabilities(14,131)(7,758)
Net deferred tax assets$4,404 $692 

On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). It amends the Internal Revenue Code to provide relief and supportive measures for taxpayers impacted by the outbreak of COVID-19 virus. The key components of the Act are as follows: eliminating taxable income limitation for certain net operating losses (“NOL”) and permitting carry back NOLs arising in 2019 , 2020 and 2021 to five prior tax years; accelerating refunds of previously generated Alternative Minimum Tax credit; increasing business interest limitation from 30 percent to 50 percent of adjusted taxable income; amending depreciation for qualified improvement property (“QIP”) to 15- year property for QIP placed in service after December 31, 2018. The Company's income tax provision provided under the CARES Act did not have a material impact on the year ended December 31, 2021 and 2020. The impact to the Company’s 2021 earnings per common share was immaterial.
The Company has separate state and foreign net operating loss carry forwards totaling $28.4 million that start expiring in 2029. The company continues to utilize the net operating loss carry forwards in 2022. The Company has recorded a valuation allowance for the portion of the net operating loss carry forwards which is not expected to be realized.
We file income tax returns in the United States and various states and foreign jurisdictions. We are generally no longer subject to United States federal, state and local income tax examinations by tax authorities for the years before 2018.