Note 11 - Income Taxes (Tables)

12 Months Ended

Jun. 28, 2020

Notes Tables

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

	Years ended
	June 28, 2020			June 30, 2019			July 1, 2018
	(in thousands)
Current provision:
Federal	$	14,727		$	2,809		$	3,385
State		4,383			2,710			1,514
Foreign		-			-			-
Current income tax expense		19,110			5,519			4,899
Deferred provision (benefit):
Federal		(62	)		3,138			(9,331	)
State		(204	)		(427	)		1,648
Foreign		-			(13	)		15
Deferred income tax expense (benefit)		(266	)		2,698			(7,668	)
Income tax expense (benefit)	$	18,844		$	8,217		$	(2,769	)

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

	Years ended
	June 28, 2020			June 30, 2019			July 1, 2018
Tax at U.S. statutory rates		21.0	%		21.0	%		28.0	%
State income taxes, net of federal tax benefit		4.5			4.4			5.7
Valuation allowance change		(0.3	)		(0.3	)		2.6
Non-deductible compensation		1.1			0.7			-
Excess tax benefit from stock-based compensation		(1.0	)		(4.4	)		(1.6	)
Domestic production deduction		-			-			(2.0	)
Tax credits		(1.1	)		(1.8	)		(2.5	)
Tax Act impact on deferred tax balance (1)		-			-			(32.0	)
Return to provision		(0.3	)		(1.0	)		(5.8	)
Other, net		0.3			0.5			0.3
Effective tax rate		24.2	%		19.1	%		(7.3	)%

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

	Years ended
	June 28, 2020			June 30, 2019
	(in thousands)
Deferred income tax assets:
Loss and credit carryforwards	$	10,530		$	10,955
Accrued expenses and reserves		4,676			3,866
Stock-based compensation		2,190			1,798
Deferred compensation		2,455			2,150
Operating lease liability		17,551			-
Gross deferred income tax assets		37,402			18,769
Less: Valuation allowance		(9,681	)		(9,872	)
Deferred tax assets, net		27,721			8,897
Deferred income tax liabilities:
Other intangibles		(15,337	)		(14,664	)
Tax in excess of book depreciation		(24,336	)		(23,131	)
Operating lease right-of-use asset		(16,680	)
Deferred tax liabilities		(56,353	)		(37,795	)
Net deferred income tax liabilities	$	(28,632	)	$	(28,898	)