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Income taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income taxes  
Schedule of provision for income taxes

The following summarizes the provision for income taxes:

Years Ended December 31,

    

2022

    

2021

(in thousands)

Current:

 

  

 

  

Federal

$

11,995

$

453

State and local

 

2,835

 

350

 

14,830

 

803

Deferred:

 

 

Federal

 

(323)

 

267

State and local

 

(1,126)

 

70

 

(1,449)

 

337

Expense for income taxes

$

13,381

$

1,140

Schedule of reconciliation of the Company's actual tax rate to the U.S. Federal statutory rate

Reconciliation of the Company’s actual tax rate to the U.S. Federal statutory rate is as follows:

Years ended December 31, 

    

2022

    

2021

    

Income tax rates

- Statutory U.S. federal rate

 

21

%  

21

%  

- State income taxes, net of federal benefit

 

4

%  

0

%  

- Excess tax benefits related to stock compensation

 

(1)

%  

(4)

%  

- 162m limitation

1

%  

- PPP Benefit

0

%

(2)

%

- Change in valuation allowance

 

(13)

%

(12)

%  

- Other true-up

(1)

%

Total

 

11

%  

3

%  

Schedule of net deferred income tax assets (liabilities)

December 31, 

    

2022

    

2021

(in thousands)

- Depreciation & amortization

$

(4,916)

$

(6,365)

- Reserves for doubtful accounts

 

500

 

398

- Inventory reserve

 

1,045

 

977

- Non qualified stock options

 

383

 

612

- Net operating losses

 

 

7,270

- Deferred interest

 

2,637

 

10,381

- Accrued expenses

107

184

- Valuation allowance

 

 

(15,149)

Total

 

(244)

 

(1,692)