Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income Before Provision for Income Taxes |
The components of the Company’s income before provision for income taxes are as follows:
|
|
|
Years ended December 31,
|
|
|
(amounts in thousands)
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
United States
|
|
$
|
29,121
|
|
|
$
|
22,725
|
|
|
$
|
14,727
|
|
|
Foreign
|
|
|
535
|
|
|
|
—
|
|
|
|
—
|
|
|
Income before provision for income taxes
|
|
$
|
29,656
|
|
|
$
|
22,725
|
|
|
$
|
14,727
|
|
|
| Components of Provisions for Income Taxes |
The provision for income taxes consists of the following:
|
|
|
Years ended December 31,
|
|
|
(amounts in thousands)
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Current tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
$
|
245
|
|
|
$
|
451
|
|
|
$
|
(140
|
)
|
|
State
|
|
|
240
|
|
|
|
776
|
|
|
|
102
|
|
|
Foreign
|
|
|
206
|
|
|
|
—
|
|
|
|
—
|
|
|
Total current tax expense (benefit)
|
|
|
691
|
|
|
|
1,227
|
|
|
|
(38
|
)
|
|
Deferred tax expense (benefit)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
|
|
|
8,709
|
|
|
|
1,357
|
|
|
|
3,639
|
|
|
State
|
|
|
92
|
|
|
|
590
|
|
|
|
705
|
|
|
Foreign
|
|
|
(71
|
)
|
|
|
—
|
|
|
|
—
|
|
|
Total deferred tax expense
|
|
|
8,730
|
|
|
|
1,947
|
|
|
|
4,344
|
|
|
Tax benefit for change in valuation allowance
|
|
|
(767
|
)
|
|
|
(968
|
)
|
|
|
(1,164
|
)
|
|
Total deferred tax expense, net
|
|
|
7,963
|
|
|
|
979
|
|
|
|
3,180
|
|
|
Income tax expense
|
|
$
|
8,654
|
|
|
$
|
2,206
|
|
|
$
|
3,142
|
|
|
| Components of Deferred Tax Assets and Liabilities |
The components of deferred tax assets and liabilities consist of the following:
|
|
|
As of
|
|
|
|
|
December 31,
|
|
|
(amounts in thousands)
|
|
2017
|
|
|
2016
|
|
|
Deferred tax assets (liabilities)
|
|
|
|
|
|
|
|
|
|
Accrued expenses
|
|
$
|
5,669
|
|
|
$
|
6,199
|
|
|
Net operating loss and credit carryforward
|
|
|
10,378
|
|
|
|
16,505
|
|
|
Allowance, reserves and other
|
|
|
3,301
|
|
|
|
8,690
|
|
|
Stock-based compensation
|
|
|
2,598
|
|
|
|
2,378
|
|
|
Deferred tax assets
|
|
|
21,946
|
|
|
|
33,772
|
|
|
Valuation allowance
|
|
|
—
|
|
|
|
(767
|
)
|
|
Net deferred tax assets
|
|
|
21,946
|
|
|
|
33,005
|
|
|
Property, plant, and equipment
|
|
|
(3,658
|
)
|
|
|
(6,351
|
)
|
|
Total
|
|
$
|
18,288
|
|
|
$
|
26,654
|
|
|
| Reconciliation of the Federal Statutory Income Tax Rate to the Effective Income Tax Rate |
Reconciliation of the federal statutory income tax rate to the effective income tax rate for the last three years is as follows:
|
|
|
Years ended December 31,
|
|
|
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
U.S. Statutory rate
|
|
|
34.00
|
%
|
|
|
34.00
|
%
|
|
|
34.00
|
%
|
|
State income taxes, net of federal benefit
|
|
|
0.37
|
|
|
|
0.88
|
|
|
|
2.00
|
|
|
Stock-based compensation
|
|
|
(30.40
|
)
|
|
|
(23.74
|
)
|
|
|
0.65
|
|
|
Change in valuation allowance
|
|
|
(2.59
|
)
|
|
|
(4.26
|
)
|
|
|
(7.91
|
)
|
|
R&D credit, net of reserve
|
|
|
(1.43
|
)
|
|
|
(1.75
|
)
|
|
|
(2.97
|
)
|
|
Expiration of net operating losses
|
|
|
2.76
|
|
|
|
4.51
|
|
|
|
1.17
|
|
|
Reassessment of prior year APIC benefit
|
|
|
—
|
|
|
|
—
|
|
|
|
(3.11
|
)
|
|
Effect of U.S tax law change
|
|
|
25.55
|
|
|
|
—
|
|
|
|
—
|
|
|
Other
|
|
|
0.92
|
|
|
|
0.07
|
|
|
|
(2.50
|
)
|
|
Effective income tax rate
|
|
|
29.18
|
%
|
|
|
9.71
|
%
|
|
|
21.33
|
%
|
|
| Summary of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
|
|
|
December 31,
|
|
|
(amounts in thousands)
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
Reconciliation of liability for unrecognized tax benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period
|
|
$
|
934
|
|
|
$
|
773
|
|
|
$
|
577
|
|
|
Additions based on tax positions related to current year
|
|
|
128
|
|
|
|
161
|
|
|
|
176
|
|
|
Additions for tax positions of prior years
|
|
|
—
|
|
|
|
—
|
|
|
|
20
|
|
|
Balance at end of period
|
|
$
|
1,062
|
|
|
$
|
934
|
|
|
$
|
773
|
|
|