INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense is composed of the following: 

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	19,746	$	10,825	$	6,426
State	3,489		1,291		412
Foreign	294		—		—
	23,529		12,116		6,838
Deferred:
Federal	5,345		(302)		352
State	1,405		442		(46)
	6,750		140		306
Total	$	30,279	$	12,256	$	7,144

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense at the normal statutory federal rate to income tax expense included in the accompanying Consolidated Statements of Income is below:

	Year Ended December 31,
	2021			2020			2019
“Expected” provision at federal statutory rate	$	25,435		$	11,046		$	9,654
State income taxes, net	5,713			2,408			1,540
Foreign income taxes	294			—			—
Change in valuation allowance	204			(422)			(168)
Share-based compensation	31			56			(2,877)
Federal and state tax credits	(1,363)			(1,035)			(1,302)
Other	(35)			203			297
Income tax expense	$	30,279		$	12,256		$	7,144
Effective tax rate	25.0		%	23.3		%	15.6		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences giving rise to deferred income taxes shown on the Consolidated Balance Sheets are as follows:

	December 31,
	2021		2020
Deferred income tax assets:
Share-based compensation	$	1,973	$	2,123
State tax credit carryforwards	2,343		2,986
Operating loss carryforwards	2,416		1,264
Inventories	1,923		2,077
Operating lease liabilities	2,536		1,322
Deferred compensation	1,357		1,250
Other	3,362		1,732
Gross deferred income tax assets	15,910		12,754
Less: valuation allowance	(1,657)		(862)
Net deferred income tax assets	14,253		11,892
Deferred income tax liabilities:
Property, plant and equipment	(24,627)		(12,205)
Intangibles	(46,956)		—
Inventory	(4,307)		—
Operating lease right-of-use assets	(2,487)		(1,318)
Other	(1,977)		(667)
Gross deferred income tax liabilities	(80,354)		(14,190)
Net deferred income tax liability	$	(66,101)	$	(2,298)

Summary of Valuation Allowance

A schedule of the change in valuation allowance is as follows:

Balance at December 31, 2019	$	1,284
Decrease	(422)
Balance at December 31, 2020	862
Increase	795
Balance at December 31, 2021	$	1,657

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the total amount of unrecognized tax benefits (excluding interest and penalties) for 2021, 2020, and 2019:

	Year Ended December 31,
	2021		2020		2019
Beginning of year balance	$	112	$	255	$	193
Additions based on prior year tax positions	—		2		3
Additions based on current year tax positions	31		20		78
Reduction for prior year tax positions	(30)		—		(19)
Reductions for settlements	—		(165)		—
End of year balance	$	113	$	112	$	255