INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense for the years ended December 31, 2022, 2021 and 2020 consisted of the following (in thousands):

	2022		2021		2020
Current
Federal	$	35,857	$	49,433	$	28,520
State	5,558		6,380		2,285
Total current	41,415		55,813		30,805
Deferred
Federal	(738)		(3,424)		477
State	(186)		(291)		(77)
Foreign	—		—		201
Total deferred	(924)		(3,715)		601
Provision for income taxes	$	40,491	$	52,098	$	31,406

Schedule of Components of Total Income Tax Provision

Those amounts have been allocated to the following financial statement items:

	2022		2021		2020
Income before provision for income taxes	$	40,491	$	52,098	$	31,406
Stockholders' equity, unrealized (losses) gains on investment securities & foreign currency	(27)		66		14
Total provision for income taxes	$	40,464	$	52,164	$	31,420

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, 2022, 2021 and 2020 (in thousands, except percentages):

	2022				2021				2020
Statutory federal tax	$	38,621	21.0	%	$	45,405	21.0	%	$	28,196	21.0	%
State income taxes, net of federal benefit	4,635		2.5	%	4,980		2.3	%	1,470		1.1	%
Foreign taxes
Hong Kong	75		0.0	%	91		0.0	%	94		0.1	%
Singapore	28		0.0	%	32		0.0	%	107		0.1	%
Share-based compensation - windfall	(26)		0.0	%	(1,835)		(0.8)	%	(415)		(0.3)	%
Research and development and jobs credits	(819)		(0.4)	%	(503)		(0.2)	%	(370)		(0.3)	%
Executive compensation	1,470		0.8	%	2,652		1.2	%	966		0.7	%
Charitable donations	(4,316)		(2.3)	%	—		0.0	%	—		0.0	%
Valuation allowance	396		0.2	%	468		0.2	%	1,342		1.0	%
Other permanent differences	427		0.2	%	808		0.4	%	16		0.0	%
Provision for income taxes	$	40,491	22.0	%	$	52,098	24.1	%	$	31,406	23.4	%

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, 2022		December 31, 2021
Reserves on inventory and sales	$	1,069	$	2,022
Credit and loss carryforwards	3,713		3,052
Stock compensation	2,374		420
Accrued expenses and deferred costs	5,153		4,240
Inventory capitalization	1,781		3,514
Lease obligations	5,773		7,191
Capitalized research costs	2,502		—
Charitable donations	1,862		—
Other	190		—
Valuation allowance	(2,523)		(1,904)
Total deferred tax assets	21,894		18,535
Right-of-use assets	(4,089)		(5,375)
Unrealized loss on investment securities	(23)		(6)
Prepaid expenses	(1,289)		(1,175)
Depreciation	(11,165)		(7,575)
Other	—		—
Total deferred tax liabilities	(16,566)		(14,131)
Net deferred tax assets	$	5,328	$	4,404