Marine Products (MPX) 10-K 28 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 18, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	1-16263
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	58-2572419
Entity Registrant Name	MARINE PRODUCTS CORPORATION
Entity Address, Address Line One	2801 BUFORD HIGHWAY NE, SUITE 300
Entity Address, City or Town	ATLANTA
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30329
City Area Code	404
Local Phone Number	321-7910
Title of 12(b) Security	COMMON STOCK
Trading Symbol	MPX
Security Exchange Name	NYSE
Entity Well-Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 141,635,984
Entity Common Stock, Shares Outstanding		34,147,179
Entity Central Index Key	0001129155
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
ICFR Auditor Attestation Flag	true
Auditor Name	GRANT THORNTON LLP
Auditor Firm ID	248
Auditor Location	Atlanta, Georgia

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 14,102	$ 31,573
Accounts receivable, net of allowance for doubtful accounts of $12 in 2021 and $16 in 2020	3,262	4,706
Inventories	73,261	42,310
Income taxes receivable	10
Prepaid expenses and other current assets	2,474	1,947
Total current assets	93,109	80,536
Property, plant and equipment, net of accumulated depreciation of $31,878 in 2021 and $30,066 in 2020	14,370	14,938
Goodwill	3,308	3,308
Other intangibles, net	465	465
Deferred income taxes	4,392	4,075
Other assets	17,197	16,100
Total assets	132,841	119,422
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	6,771	6,079
Accrued expenses and other liabilities	11,298	15,583
Total current liabilities	18,069	21,662
Pension liabilities	15,564	12,524
Other long-term liabilities	683	717
Total liabilities	34,316	34,903
Preferred stock, $0.10 par value, 1,000,000 shares authorized, none issued
Common stock, $0.10 par value, 74,000,000 shares authorized, issued and outstanding - 33,992,054 shares in 2021, 33,868,624 shares in 2020	3,399	3,387
Retained earnings	97,702	83,079
Accumulated other comprehensive loss	(2,576)	(1,947)
Total stockholders' equity	98,525	84,519
Total liabilities and stockholders' equity	$ 132,841	$ 119,422

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts	$ 12	$ 16
Accumulated depreciation, property plant and equipment	$ 31,878	$ 30,066
Preferred stock, par value (in dollar per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollar per share)	$ 0.10	$ 0.10
Common stock, shares authorized	74,000,000	74,000,000
Common stock, shares issued	33,992,054	33,868,624
Common stock, shares outstanding	33,992,054	33,868,624

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 298,014	$ 239,825	$ 292,136
Cost of goods sold	229,742	186,220	226,742
Gross profit	68,272	53,605	65,394
Selling, general and administrative expenses	31,880	29,244	31,259
Operating income	36,392	24,361	34,135
Interest income	16	95	323
Income before income taxes	36,408	24,456	34,458
Income tax provision	7,382	5,012	6,219
Net income	$ 29,026	$ 19,444	$ 28,239
Earnings per share
Basic	$ 0.85	$ 0.57	$ 0.83
Diluted	0.85	0.57	0.83
Dividends paid per share	$ 0.46	$ 0.40	$ 0.58

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 29,026	$ 19,444	$ 28,239
Other comprehensive income, net of taxes:
Pension adjustment	(629)	801	(166)
Unrealized gain on securities, net of reclassification adjustments			7
Comprehensive income	$ 28,397	$ 20,245	$ 28,080

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common stock	Capital in Excess of Par Value	Retained EarningsCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Total
Balance at Dec. 31, 2018	$ 3,433			$ 73,954		$ (2,175)	$ 75,212
Balance (in shares) at Dec. 31, 2018	34,328,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 13	$ 2,110					2,123
Stock issued for stock incentive plans, net (in shares)	129,000
Stock purchased and retired	$ (59)	(2,110)		(6,278)			(8,447)
Stock purchased and retired (in shares)	(587,000)
Net income				28,239			28,239
Pension adjustment, net of taxes						(166)	(166)
Unrealized gain on securities, net of taxes and reclassification adjustments						7	7
Dividends declared				(19,756)			(19,756)
Balance at Dec. 31, 2019	$ 3,387		$ 414	76,573	$ (414)	(2,748)	77,212
Balance (in shares) at Dec. 31, 2019	33,870,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 17	3,085					3,102
Stock issued for stock incentive plans, net (in shares)	173,000
Stock purchased and retired	$ (17)	(3,085)		612			(2,490)
Stock purchased and retired (in shares)	(174,000)
Net income				19,444			19,444
Pension adjustment, net of taxes						801	801
Dividends declared				(13,550)			(13,550)
Balance at Dec. 31, 2020	$ 3,387			83,079		(1,947)	$ 84,519
Balance (in shares) at Dec. 31, 2020	33,869,000						33,868,624
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issued for stock incentive plans, net	$ 18	2,271					$ 2,289
Stock issued for stock incentive plans, net (in shares)	188,000
Stock purchased and retired	$ (6)	$ (2,271)		1,226			(1,051)
Stock purchased and retired (in shares)	(64,000)
Net income				29,026			29,026
Pension adjustment, net of taxes						(629)	(629)
Dividends declared				(15,629)			(15,629)
Balance at Dec. 31, 2021	$ 3,399			$ 97,702		$ (2,576)	$ 98,525
Balance (in shares) at Dec. 31, 2021	33,993,000						33,992,054

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income	$ 29,026	$ 19,444	$ 28,239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,816	1,954	2,090
Gain on sale of equipment and property		(31)
(Accretion) of discount/ amortization of premium related to marketable securities			(5)
Stock-based compensation expense	2,289	3,102	2,123
Deferred income tax benefit	(140)	(311)	(620)
Pension settlement loss		647
(Increase) decrease in assets:
Accounts receivable	1,444	1,901	(2,735)
Income taxes receivable	(10)	907	(455)
Inventories	(30,951)	(757)	5,217
Prepaid expenses and other current assets	(527)	109	(261)
Other non-current assets	(1,889)	(4,428)	(1,355)
Increase (decrease) in liabilities:
Accounts payable	692	2,193	(787)
Other accrued expenses	(4,287)	2,426	(386)
Other long-term liabilities	2,994	2,718	2,852
Net cash provided by operating activities	457	29,874	33,917
INVESTING ACTIVITIES
Capital expenditures	(1,248)	(2,099)	(2,334)
Proceed from sale of assets		34
Sales and maturities of marketable securities			7,978
Purchases of marketable securities			(299)
Net cash (used for) provided by investing activities	(1,248)	(2,065)	5,345
FINANCING ACTIVITIES
Payment of dividends	(15,629)	(13,550)	(19,756)
Cash paid for common stock purchased and retired	(1,051)	(2,490)	(8,447)
Net cash used for financing activities	(16,680)	(16,040)	(28,203)
Net (decrease) increase in cash and cash equivalents	(17,471)	11,769	11,059
Cash and cash equivalents at beginning of period	31,573	19,804	8,745
Cash and cash equivalents at end of period	$ 14,102	$ 31,573	$ 19,804

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 1: SIGNIFICANT ACCOUNTING POLICIES Basis of Consolidation and Presentation The consolidated financial statements included herein may not necessarily be indicative of the future results of operations, financial position and cash flows of Marine Products. The Company has one reportable segment — its Powerboat Manufacturing business. The Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model. No single dealer accounted for 10 percent or more of net sales during 2021, 2020 or 2019. Net sales to the Company’s international dealers were approximately $15.9 million in 2021, $11.8 million in 2020, and $17.0 million in 2019. Common Stock Preferred Stock Share Repurchases Dividend Use of Estimates in the Preparation of Financial Statements Sales Recognition Advertising Cash and Cash Equivalents Accounts Receivable Inventories Property, Plant and Equipment Goodwill and Other Intangibles Investments Warranty Costs one ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Balance at beginning of year ​ $ 5,030 ​ $ 5,410 Less: Payments made during the year ​ (4,091) ​ (3,225) Add: Warranty provision for the current year ​ 3,817 ​ 3,095 Changes to warranty provision for prior years ​ (115) ​ (250) Balance at end of year ​ $ 4,641 ​ $ 5,030 ​ Insurance Accruals Research and Development Costs Repurchase Obligations Income Taxes Retirement Income Plan 59 ½ Stock-Based Compensation Earnings per Share Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) 2021 2020 2019 Net income available for stockholders: ​ $ 29,026 ​ $ 19,444 ​ $ 28,239 Less: Adjustments for earnings attributable to participating securities ​ (566) ​ (416) ​ (669) Net income used in calculating earnings per share ​ $ 28,460 ​ $ 19,028 ​ $ 27,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 33,984 ​ 33,926 ​ 34,061 Adjustment for participating securities ​ (672) ​ (734) ​ (831) Shares used in calculating basic and diluted earnings per share ​ 33,312 ​ 33,192 ​ 33,230 ​ Fair Value of Financial Instruments Concentration of Suppliers Recent Accounting Pronouncements — The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ​ Accounting Standards Update (ASU) No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The Company adopted these provisions in the first quarter of 2021, and the adoption did not have a material impact on its consolidated financial statements. ​ Recently Issued Accounting Standards Not Yet Adopted: ​ ASU No. 2020-04 — Reference Rate Reform (Topic 848). The amendments in this ASU, provides optional guidance for a limited time to ease the impact of the reference rate reform on financial reporting. The amendments, which are elective, provide expedients to contract modifications, affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or other reference rate that is expected to be discontinued due to reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt these provisions when LIBOR is discontinued and does not expect adoption to have a material impact on its consolidated financial statements. ​ ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers recognized and measured in the acquiree's financial statements before the acquisition. These amendments are effective beginning in the first quarter of 2023 with early implementation permitted and should be applied prospectively to business combinations occurring on or after January 1, 2023. The company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

NET SALES

NET SALES	12 Months Ended
	Dec. 31, 2021
Net Sales
Net Sales	NOTE 2: NET SALES Accounting Policy - Nature of goods - ● Boats and accessories (domestic sales) – upon delivery and acceptance by the dealer. ● Boats and accessories (international sales) – upon delivery to shipping port. ● Parts – upon shipment/delivery to carrier. Payment terms - seven ten When the Company enters into contracts with its customers, it generally expects there to be no significant timing difference between the date the goods have been delivered to the customer (satisfaction of the performance obligation) and the date cash consideration is received. Accordingly, there is no financing component to the Company’s arrangements with its customers. Significant judgments Determining the transaction price - ● Inputs: Current model year boat sales, total potential program incentive percentage, prior model year results of dealer incentive activity (i.e., incentive earned as a percentage of total incentive potential). ● Assumption: Current model year incentive activity will closely reflect prior model year actual results, adjusted as necessary for dealer purchasing trends or economic factors. Other Disaggregation of revenues The following table disaggregates our sales by major source: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Boats and accessories ​ $ 293,312 ​ $ 235,097 ​ $ 287,837 Parts ​ 4,702 ​ 4,728 ​ 4,299 Net sales ​ $ 298,014 ​ $ 239,825 ​ $ 292,136 ​ The following table disaggregates our revenues between domestic and international: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Domestic ​ $ 282,117 ​ $ 228,092 ​ $ 275,133 International ​ 15,897 ​ 11,733 ​ 17,003 Net sales ​ $ 298,014 ​ $ 239,825 ​ $ 292,136 ​ Timing of revenue recognition for each of the periods presented is shown below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Products transferred at a point in time ​ $ 298,014 ​ $ 239,825 ​ $ 292,136 Products transferred over time ​ — ​ — ​ — Net sales ​ $ 298,014 ​ $ 239,825 ​ $ 292,136 ​ Contract balances - ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Deferred revenue ​ $ 1,313 ​ $ 1,245 ​ Substantially all of the amounts of deferred revenue as of December 31, 2021 and December 31, 2020 were recognized as sales during the immediately following quarters, when control transferred.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2021
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE	NOTE 3: ACCOUNTS RECEIVABLE Accounts receivable consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ Trade receivables ​ $ 2,454 ​ $ 3,253 Other ​ 820 ​ 1,469 Total ​ 3,274 ​ 4,722 Less: allowance for credit losses ​ (12) ​ (16) Net accounts receivable ​ $ 3,262 ​ $ 4,706 ​ Trade receivables consist primarily of balances related to the sales of boats which are shipped pursuant to “floor-plan financing” programs with qualified lenders. Other receivables consist primarily of rebate receivables from various suppliers in 2021 and 2020 and also a state incentive receivable in 2020. Changes in the Company’s allowance for credit losses are disclosed in Schedule II on page 62 of this report.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2021
INVENTORIES
INVENTORIES	NOTE 4: INVENTORIES Inventories consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 2020 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 42,231 ​ $ 21,754 Work in process ​ 14,390 ​ 11,378 Finished goods ​ 16,640 ​ 9,178 Total inventories ​ $ 73,261 ​ $ 42,310 ​ The Company’s inventories have increased significantly in 2021 compared to the prior year due to insufficient critical components needed to adequately complete boats prior to shipment as a result of supply chain disruptions.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 5: PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are presented at cost, net of accumulated depreciation, and consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ ​ December 31, Useful Lives 2021 2020 (in thousands) ​ ​ ​ ​ ​ ​ Land N/A ​ $ 878 ​ $ 878 Buildings 7-40 ​ 21,275 ​ 20,966 Operating equipment and property 3-15 ​ 13,455 ​ 12,923 Furniture and fixtures 5-7 ​ 2,779 ​ 2,560 Vehicles 5-10 ​ 7,861 ​ 7,677 Gross property, plant and equipment ​ ​ 46,248 ​ 45,004 Less: accumulated depreciation ​ ​ (31,878) ​ (30,066) Net property, plant and equipment ​ ​ ​ $ 14,370 ​ $ 14,938 ​ Depreciation expense was $1,816,000 in 2021, $1,954,000 in 2020 and $2,090,000 in 2019. The Company’s accounts payable for purchases of property and equipment was immaterial as of December 31, 2021, December 31, 2020 and December 31, 2019.

ACCRUED EXPENSES AND OTHER LIAB

ACCRUED EXPENSES AND OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER LIABILITIES
ACCRUED EXPENSES AND OTHER LIABILITIES	NOTE 6: ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ Accrued payroll and related expenses ​ $ 3,119 ​ $ 4,458 Accrued sales incentives and discounts ​ 1,214 ​ 3,292 Accrued warranty costs ​ 4,641 ​ 5,030 Deferred revenue ​ 1,313 ​ 1,245 Other ​ 1,011 ​ 1,558 Total accrued expenses and other liabilities ​ $ 11,298 ​ $ 15,583 ​

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2021
LONG-TERM DEBT
LONG-TERM DEBT	NOTE 7 : On November 12, 2021, the Company entered into a revolving c redit a greement with Truist Bank which provides for a commitment of up to $20 million. The agreement includes (i) a $5 million sublimit for swingline loans, (ii) a $2.5 million aggregate sublimit for all letters of credit, and (iii) a committed accordion which can increase the aggregate commitments by the greater of $35 million and EBITDA over the most recently completed twelve month period at the time of incurrence. The facility is secured by a first priority security interest in and lien on substantially all personal property of MPC and the guarantors including, without limitation, all accounts, inventory, equipment, general intangibles, goods, documents, contracts, trademarks, patents, copyrights, intercompany obligations, stock, securities and notes owned by borrower or any guarantor. The agreement will terminate on November 12, 2026. Revolving borrowings under the agreement will accrue interest at a rate equal to one-month LIBOR plus the applicable percentage, as defined. The applicable percentage will be between 150 and 250 basis points for all loans based on MPC’s net leverage ratio. In addition, the Company pays facility fees under the agreement ranging from 25 to 45 basis points, based on MPC’s net leverage ratio, on the unused revolving commitment. The credit agreement contains certain financial covenants including: (i) a maximum consolidated leverage ratio of 2.50 :1.00 and (ii) a minimum consolidated fixed charge coverage ratio of 1.25 :1.00 both determined as of the end of each fiscal quarter. Additionally, the agreement contains customary covenants including affirmative and negative covenants and events of default (each with customary exceptions, thresholds and exclusions). As of December 31, 2021, the Company was in compliance with these covenants. The Company has incurred total loan origination fees and other debt related costs associated with this revolving credit facility in the aggregate of $195,000 in 2021. These costs are being amortized to interest expense over the remaining term of the loan, and the remaining net balance is classified as part of non-current other assets. As of December 31, 2021, MPC had no outstanding borrowings under the revolving credit facility. Interest incurred, which includes facility fees on the unused portion of the revolving credit facility and the amortization of loan costs, on the credit facility were $10,000 in 2021.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
INCOME TAXES	NOTE 8: INCOME TAXES The following table lists the components of the provision for income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2021 2020 2019 (in thousands) ​ ​ ​ Current provision: ​ ​ ​ Federal ​ $ 7,176 ​ $ 4,741 ​ $ 6,637 State ​ 346 ​ 582 ​ 202 Deferred (benefit) provision: ​ ​ ​ ​ Federal ​ (248) ​ (410) ​ (715) State ​ 108 ​ 99 ​ 95 Total income tax provision ​ $ 7,382 ​ $ 5,012 ​ $ 6,219 ​ A reconciliation between the federal statutory rate and Marine Products’ effective tax rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 0.9 1.4 1.0 Research and experimentation credit (0.9) (1.5) (1.2) Non-deductible expenses ​ (0.8) ​ 0.1 ​ (0.7) ​ Change in contingencies 0.4 0.1 (0.1) Adjustments related to vesting of restricted stock (1.0) (1.5) (1.5) Other 0.7 0.9 (0.5) Effective tax rate 20.3 % 20.5 % 18.0 % ​ Significant components of the Company’s deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ Deferred tax assets: ​ ​ Warranty costs ​ $ 1,021 ​ $ 1,107 Sales incentives and discounts ​ 83 ​ 278 Stock-based compensation ​ 780 ​ 717 Pension ​ 3,196 ​ 2,365 State NOL’s ​ ​ 283 ​ ​ 423 State credits ​ ​ — ​ ​ 1,818 All others ​ 506 ​ 635 Valuation allowance ​ — ​ (1,818) Total deferred tax assets ​ 5,869 ​ 5,525 Deferred tax liabilities: ​ ​ Depreciation and amortization expense ​ (1,033) ​ (965) Basis differences in joint venture ​ (444) ​ (485) Net deferred tax assets ​ $ 4,392 ​ $ 4,075 ​ Total net income tax payments were $7,493,000 in 2021, $4,099,000 in 2020, and $7,330,000 in 2019. As of December 31, 2021, the Company had net operating loss carryforwards related to state income taxes of approximately $8.2 million (gross) that will expire between 2022 and 2034. The Company does not have a valuation allowance related to net operating loss carryforwards due to implemented tax planning strategies. The Company’s policy is to record interest and penalties related to income tax matters as income tax expense. Accrued interest and penalties were immaterial as of December 31, 2021 and 2020. During 2021, the Company recognized an increase in its liability for unrecognized tax benefits related primarily to prior year positions. This liability, if released, would affect our effective rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Balance at January 1 ​ $ 401 ​ $ 358 Additions based on tax positions related to the current year ​ 32 ​ 34 Additions for tax positions of prior years ​ 106 ​ 9 Balance at December 31 ​ $ 539 ​ $ 401 ​ It is reasonably possible that the amount of the unrecognized benefits with respect to the Company’s unrecognized tax positions will increase or decrease in the next 12 months. These changes may be the result of, among other things, state tax settlements under voluntary disclosure agreements, or conclusions of ongoing examinations or reviews. However, quantification of an estimated range cannot be made at this time. The Company and its subsidiaries are subject to U.S. federal and state income tax in multiple jurisdictions. In many cases, the uncertain tax positions are related to tax years that remain open and subject to examination by the relevant taxing authorities. In general, the Company’s 2018 through 2020 tax years remain open to examination. Additional years may be open to the extent attributes are being carried forward to an open year.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE LOSS
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 9: ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss consists of changes related to the pension plan for the years ended December 31, 2021 and 2021 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 (in thousands) ​ ​ ​ ​ Balance at beginning of the year ​ $ (1,947) ​ $ (2,748) ​ Change during the year: ​ ​ ​ Before-tax amount ​ (879) ​ 250 ​ Tax benefit ​ 193 ​ (30) ​ Reclassification adjustment, net of taxes ​ ​ ​ Amortization of net loss ​ 57 ​ 76 ​ Net realized loss ​ — ​ 505 ​ Total activity in the year ​ (629) ​ 801 ​ Balance at end of the year ​ $ (2,576) ​ $ (1,947) ​ ​

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2021
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 10: FAIR VALUE MEASUREMENTS The various inputs used to measure assets at fair value establish a hierarchy that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three broad levels as follows: 1. Level 1 – Quoted market prices in active markets for identical assets or liabilities. 2. Level 2 – Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 3. Level 3 – Unobservable inputs developed using the Company’s estimates and assumptions, which reflect those that market participants would use. ​ The Company determines the fair value of the marketable securities that are available-for-sale through quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active. There are no available-for-sale securities held as of December 31, 2021 and 2020. Trading securities are comprised of SERP assets, as described in Note 12, and are recorded primarily at their net cash surrender values calculated using their net asset values, which approximate fair value, as provided by the issuing insurance company. The expected holding period for these assets measured at net asset value is unknown. Trading securities were $12,264,000 as of December 31, 2021 and $10,622,000 as of December 31, 2020. Significant observable inputs, in addition to quoted market prices, were used to value the trading securities. The Company’s policy is to recognize transfers between levels at the beginning of quarterly reporting periods. For the year ended December 31, 2021 there were 1 2 3 The carrying amount of other financial instruments reported in the balance sheet for current assets and current liabilities approximate their fair values because of the short-term maturity of these instruments. The Company currently does not use the fair value option to measure any of its existing financial instruments and has not determined whether or not it will elect this option for financial instruments it may acquire in the future.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11: COMMITMENTS AND CONTINGENCIES Lawsuits Dealer Floor Plan Financing repurchases of dealer inventory under contractual agreements during 2021 and 2020 as a result of dealer defaults. Management continues to monitor the risk of additional defaults and resulting repurchase obligations based in part on information provided by the third-party floor plan lenders and will adjust the guarantee liability at the end of each reporting period based on information reasonably available at that time. The Company currently has an agreement with one of the floor plan lenders whereby the contractual repurchase limit is not to exceed 16 percent of the average net receivables financed by the floor plan lender for dealers during the prior 12 month period, which was $4.1 million as of December 31, 2021. The Company has contractual repurchase agreements with additional lenders with an aggregate maximum repurchase obligation of approximately $2.4 million, with various expiration and cancellation terms of less than one year, for an aggregate repurchase obligation with all financing institutions of approximately $6.5 million as of December 31, 2021. This repurchase obligation risk is mitigated by the value of the boat repurchased. Income Taxes Employment Agreement ​

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	NOTE 12: EMPLOYEE BENEFIT PLANS Supplemental Executive Retirement Plan (“SERP”) are recorded at their net cash surrender values, which approximates fair value, as provided by the issuing insurance company, whose Standard & Poor’s credit rating was A+. The Company classifies the SERP assets as trading securities as described in Note 1. The fair value of these assets totaled $12,264,000 as of December 31, 2021 and $10,622,000 as of December 31, 2020. The SERP assets are reported in other non-current assets on the consolidated balance sheets and changes to the fair value of the assets are reported in selling, general and administrative expenses in the consolidated statements of operations. Trading gains related to the SERP assets totaled $1,643,000 in 2021, $906,000 in 2020 and $1,197,000 in 2019. The SERP liabilities include participant deferrals net of distributions and are stated at a fair value of $15,564,000 as of December 31, 2021 and $12,524,000 as of December 31, 2020. The SERP liabilities are reported on the consolidated balance sheets in long-term pension liabilities and any change in the fair value is recorded as compensation cost within selling, general and administrative expenses in the consolidated statements of operations. Changes in the fair value of the SERP liabilities represented unrealized gains of $1,647,000 in 2021, $1,395,000 in 2020 and $1,501,000 in 2019. Retirement Income Plan During the fourth quarter of 2021, the Company initiated actions to terminate the defined benefit pension plan and as such, the year-end pension obligation has been valued on a termination basis. Specifically, the actuaries utilized an approach based on their experience with other plan terminations that (i) estimated a take rate for lump sums; (ii) for those participants electing a lump-sum, calculated the amount using the November 2021 IRS segment rates and (iii) for those participants with annuities purchased, calculated the amount using estimated insurance settlement rates. We do not currently expect the Company to make any contributions to the Retirement Income Plan in 2022. The Company’s fair value of the plan assets exceeded the projected benefit obligation for its Retirement Income Plan by $1,038,000 and thus the plan was over-funded as of December 31, 2021. The following table sets forth the funded status of the Retirement Income Plan and the amounts recognized in Marine Products’ consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ ACCUMULATED BENEFIT OBLIGATION, END OF YEAR ​ $ 5,832 ​ $ 5,576 ​ ​ ​ ​ ​ ​ ​ CHANGE IN PROJECTED BENEFIT OBLIGATION: ​ ​ ​ Benefit obligation at beginning of year ​ $ 5,576 ​ $ 6,433 Service cost ​ — ​ — Interest cost ​ 147 ​ 230 Actuarial loss ​ 347 ​ 622 Benefits paid ​ (238) ​ (264) Settlement ​ ​ — ​ ​ (1,445) Projected benefit obligation at end of year ​ $ 5,832 ​ $ 5,576 CHANGE IN PLAN ASSETS: ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 7,351 ​ $ 7,314 Actual return on plan assets ​ (243) ​ 1,196 Employer contributions ​ — ​ 550 Benefits paid ​ (238) ​ (264) Settlements ​ ​ — ​ ​ (1,445) Fair value of plan assets at end of year ​ $ 6,870 ​ $ 7,351 Funded status at end of year ​ $ 1,038 ​ $ 1,775 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ ​ ​ ​ ​ AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: ​ ​ ​ ​ ​ ​ Noncurrent assets ​ $ 1,038 ​ $ 1,775 Current liabilities ​ — ​ — Noncurrent liabilities ​ — ​ — ​ ​ $ 1,038 ​ $ 1,775 ​ The funded status of the Retirement Income Plan was recorded in the consolidated balance sheets in other assets as of both December 31, 2021 and December 31, 2020. ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: ​ ​ Net loss ​ $ 3,303 ​ $ 2,496 Prior service cost (credit) ​ — ​ — Net transition obligation (asset) ​ — ​ — ​ ​ $ 3,303 ​ $ 2,496 ​ The accumulated benefit obligation for the Retirement Income Plan as of December 31, 2021 and 2020 has been disclosed above. The Company uses a December 31 measurement date for this qualified plan. As part of the plan termination, the Company expects to recognize a non-cash settlement charge for the remaining balance in the accumulated other comprehensive loss at that time. Amounts recorded in the consolidated balance sheet as pension liabilities consist of: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ SERP liability ​ $ (15,564) ​ $ (12,524) Funded status of Retirement Income Plan ​ — ​ — Pension liabilities ​ $ (15,564) ​ $ (12,524) ​ Marine Products’ funding policy is to contribute to the Retirement Income Plan the amount required, if any, under the Employee Retirement Income Security Act of 1974. The Company did not contribute to the plan in 2021 and contributed $550,000 in 2020. The components of net periodic benefit cost of the Retirement Income Plan are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2021 ​ 2020 ​ 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ Service cost for benefits earned during the period ​ $ — ​ $ — ​ $ — Interest cost ​ 147 ​ 230 ​ 255 Expected return on plan assets ​ (289) ​ (292) ​ (468) Amortization of net losses ​ 73 ​ 98 ​ 87 Settlement loss ​ ​ — ​ ​ 647 ​ ​ — Net periodic (benefit) cost ​ $ (69) ​ $ 683 ​ $ (126) ​ The Company recognized pre-tax decreases to the funded status in accumulated other comprehensive income (loss) of $806,000 in 2021, $(899,000) in 2020 and $213,000 in 2019. There were no previously unrecognized prior service costs during 2021, 2020 and 2019. In 2020, the Company offered a limited lump-sum payment window for vested terminated participants who had terminated employment before July 1, 2020 and for active employees who reached age 59 ½ by December 1, 2020, with a vested balance. The participants at their election, could received their vested balance either immediately as a lump-sum or a monthly annuity payment. Non-cash settlement charges of $0.6 million recorded for the year ended December 31, 2020 and shown above represent the accelerated recognition of actuarial losses previously reflected in accumulated other comprehensive loss. The pre-tax amounts recognized in other comprehensive income for the years ended December 31, 2021, 2020 and 2019 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Net loss (gain) ​ $ 879 ​ $ (154) ​ $ 300 Amortization of net loss ​ (73) ​ (98) ​ (87) Net transition obligation (asset) ​ — ​ — ​ — Settlement loss ​ ​ — ​ ​ (647) ​ ​ — Amount recognized in accumulated other comprehensive income (loss) ​ $ 806 ​ $ (899) ​ $ 213 ​ The weighted average assumptions as of December 31 used to determine the projected benefit obligation and net benefit cost were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 2019 PROJECTED BENEFIT OBLIGATION: ​ Discount rate N/A (1) 2.70 % 3.70 % Rate of compensation increase N/A N/A N/A NET BENEFIT COST: Discount rate 2.70 % 3.70 % 4.65 % Expected return on plan assets 4.00 % 4.00 % 7.00 % Rate of compensation increase N/A N/A N/A ​ (1) ​ The Company’s expected return on assets assumption is derived from a detailed periodic assessment by its management and investment advisor. It includes a review of anticipated future long-term performance of individual asset classes and consideration of the appropriate asset allocation strategy given the anticipated requirements of the plan to determine the average rate of earnings expected on the funds invested to provide for the pension plan benefits. While the assessment considers recent fund performance and historical returns, the rate of return assumption is derived primarily from a long-term, prospective view. Based on its assessment, the Company has concluded that its expected long-term return assumption of four percent is reasonable. The plan’s weighted average asset allocation at December 31, 2021 and 2020 by asset category along with the target allocation for 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ Plan Assets as of ​ Plan Assets as of ​ ​ Target Allocation ​ December 31, ​ December 31, Asset Category for 2022 2021 2020 Cash and Cash Equivalents 0 % - 5.0 % 1.4 % 2.0 % Fixed Income Securities 15.0 % - 100.0 % 98.6 98.0 ​ Total ​ ​ ​ ​ ​ 100.0 % 100.0 % ​ The Company’s investments consist primarily of fixed-income securities that include corporate bonds, mortgage-backed securities, sovereign bonds, and U.S. Treasuries. For each of the asset categories in the pension plan, the investment strategy is identical – maximize the long-term rate of return on plan assets while minimizing the level of risk to minimize the cost of providing pension benefits. The investment policy establishes a target allocation for each asset class which is rebalanced as required. The plan utilizes a number of investment approaches, including but not limited to fixed income funds in which the underlying securities are marketable, to achieve this target allocation. The following tables present our plan assets using the fair value hierarchy as of December 31, 2021 and 2020. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See Note 10 for a brief description of the three levels under the fair value hierarchy. Fair Value Hierarchy as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments (in thousands) ​ ​ Total Level 1 Level 2 Cash and Cash Equivalents ​ (1) ​ $ 87 ​ $ 87 ​ $ — Fixed Income Securities ​ (2) ​ 6,783 ​ — ​ 6,783 Total Assets in the Fair Value Hierarchy ​ ​ ​ ​ $ 6,870 ​ $ 87 ​ $ 6,783 ​ Fair Value Hierarchy as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments (in thousands) ​ ​ Total Level 1 Level 2 Cash and Cash Equivalents ​ (1) ​ $ 138 ​ $ 138 ​ $ — Fixed Income Securities ​ (2) ​ 7,213 ​ — ​ 7,213 Total Assets in the Fair Value Hierarchy ​ ​ ​ ​ $ 7,351 ​ $ 138 ​ $ 7,213 ​ (1) Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds. (2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. ​ The Company estimates that the future benefits payable for the Retirement Income Plan over the next ten years are as follows: ​ ​ ​ ​ ​ (in thousands) ​ 2022 ​ $ 1,829 2023 ​ 4,192 2024 ​ — 2025 ​ — 2026 ​ — 2027-2031 ​ $ — ​ 401(k) Plan Stock Incentive Plan expiring in April 2024. All future equity compensation awards by the Company will be issued under the 2014 plan. This plan provides for the issuance of various forms of stock incentives, including among others, incentive and non-qualified stock options and restricted shares. As of December 31, 2021, there were 1,382,000 shares available for grant. The Company recognizes compensation expense for the unvested portion of awards outstanding over the remainder of the service period. The compensation cost recorded for these awards will be based on their fair value at grant date less the cost of estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. Pre-tax stock-based employee compensation expense was approximately $2,289,000 ($1,785,000 after tax) for 2021, $3,102,000 ($2,420,000 after tax) for 2020, and $2,123,000 ($1,656,000 after tax) for 2019. Stock Options The Company estimates the fair value of stock options as of the date of grant using the Black-Scholes option pricing model. The Company has not granted stock options to employees since 2004. There were no options exercised in 2021, 2020 or 2019 and there are no stock options outstanding as of December 31, 2021. Restricted Stock The agreements under which the restricted stock is issued provide that shares awarded may not be sold or otherwise transferred until restrictions established under the stock plans have lapsed. Upon termination of employment from the Company, with the exception of death (fully vests), disability or retirement (partially vests based on duration of service), shares with restrictions are forfeited in accordance with the plan. The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date Fair ​ Shares Value Non-vested shares at January 1, 2021 678,220 ​ $ 12.89 Granted 189,750 ​ ​ 16.55 Vested (194,800) ​ ​ 10.25 Forfeited (1,800) ​ ​ 11.76 Non-vested shares at December 31, 2021 671,370 ​ $ 14.70 ​ The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date Fair ​ Shares Value Non-vested shares at January 1, 2020 815,540 ​ $ 11.29 Granted 179,000 ​ ​ 15.00 Vested (310,520) ​ ​ 9.91 Forfeited (5,800) ​ ​ 13.09 Non-vested shares at December 31, 2020 678,220 ​ $ 12.89 ​ The fair value of restricted stock awards is based on the market price of the Company’s stock on the date of grant and is amortized to compensation expense on a straight-line basis over the requisite service period. The weighted average grant date fair value of these restricted stock awards was $16.55 in 2021, $15.00 in 2020 and $17.21 in 2019. The total fair value of shares vested was approximately $3,174,000 in 2021, $4,431,000 in 2020 and $3,818,000 during 2019. For the year ending December 31, 2021 approximately $341,000 of excess tax benefits for stock-based compensation awards were recorded as a discrete tax adjustment and classified within operating activities in the consolidated statements of cash flows compared to approximately $363,000 for the year ending December 31, 2020. Other Information

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 13: RELATED PARTY TRANSACTIONS In conjunction with its spin-off from RPC in 2001, the Company and RPC entered into various agreements that define the companies’ relationship after the spin-off. The Transition Support Services Agreement provides for RPC to provide certain services, including financial reporting and income tax administration, acquisition assistance, etc., to Marine Products until the agreement is terminated by either party. Marine Products reimbursed RPC for its estimated allocable share of administrative costs incurred for services rendered on behalf of Marine Products totaling $867,000 in 2021, $846,000 in 2020, and $865,000 in 2019. The Company’s payable to RPC for these services was $87,000 as of December 31, 2021 and $49,000 as of December 31, 2020. Many of the Company’s directors are also directors of RPC and the Company’s executive officers are employees of both the Company and RPC. The Employee Benefits Agreement provides for, among other things, the Company’s employees to continue participating subsequent to the spin-off in two RPC sponsored benefit plans, specifically, the defined contribution 401(k) plan and the defined benefit retirement income plan. RPC and Marine Products own 50 percent each of a limited liability company called 255 RC, LLC that was created for the joint purchase and ownership of a corporate aircraft. The purchase was funded primarily by a $2,554,000 contribution by each company to 255 RC, LLC. Each of RPC and Marine Products is currently a party to an operating lease agreement with 255 RC, LLC for a period of five years . Marine Products recorded certain net operating costs comprised of rent and an allocable share of fixed costs of $160,000 in 2021, $160,000 in 2020 and $159,000 2019 for the corporate aircraft. The Company has a payable to 255 RC LLC of $1.4 million as of December 31, 2021 and $1.2 million as of December 31, 2020. The Company accounts for this investment using the equity method and its proportionate share of income or loss is recorded in selling, general and administrative expenses. As of December 31, 2021, the investment closely approximates the underlying equity in the net assets of 255 RC, LLC and the undistributed earnings represented in retained earnings was approximately $521,000. A group that includes the Company’s Chairman of the Board, Gary W. Rollins, who is also director of the Company, and certain companies under their control, controls in excess of fifty percent of the Company’s voting power.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2021
LEASES
LEASES	NOTE 14: LEASES The Company recognizes leases with a duration greater than 12 months on the balance sheet with a right-of-use asset and liability at the present value of lease payments over the term. Renewal options are factored into the determination of lease payments when appropriate. There are no residual value guarantees on the existing leases. The Company estimates its incremental borrowing rate, at lease commencement, to determine the present value of lease payments, since most of the Company’s leases do not provide an implicit rate of return. The Company’s lease population consists primarily of office equipment. The Company does not have any finance leases. As of December 31, 2021, the Company had no operating leases that had not yet commenced. Lease position: The table below presents the assets and liabilities related to operating leases recorded on the balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Classification on Consolidated Balance Sheet 2021 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ Operating lease right-of-use assets Other assets ​ $ 72 ​ $ 124 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Current portion of operating lease liabilities Accrued expenses and other liabilities ​ $ 54 ​ $ 52 Long-term operating lease liabilities Other long-term liabilities ​ 17 ​ 70 Total lease liabilities ​ $ 71 ​ $ 122 ​ Lease Costs: The components of lease expense are included in selling, general and administrative expenses in the consolidated statements of operations as disclosed below: ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ 2020 (in thousands) ​ ​ ​ ​ ​ Operating lease cost $ 55 ​ $ 54 Short-term lease cost ​ — ​ ​ 2 Total lease cost $ 55 ​ $ 56 ​ Other information: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) $ 52 ​ $ 49 ​ ROU assets obtained in exchange for operating lease liabilities (in thousands) ​ — ​ 14 ​ Weighted average remaining lease term - operating leases (years) ​ 1.6 ​ 2.5 ​ Weighted average discount rate - operating leases ​ 3.40 % 3.48 % ​ Lease Commitments: Maturity of lease liabilities - Operating Leases: ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ ​ 2021 $ — $ 55 2022 ​ ​ 55 ​ ​ 55 2023 ​ 13 ​ 13 2024 ​ 3 ​ 3 2025 ​ 1 ​ 1 Total lease payments ​ 72 ​ 127 Less: Amounts representing interest ​ (1) ​ (5) Present value of lease liabilities ​ $ 71 ​ $ 122 ​ The Company is party to an operating lease as the lessor for certain real estate leased to a third party with an initial term of 36 months . The lease requires fixed monthly payments and does not contain clauses for future rent escalations or renewal options. There are no terms and conditions under which the lessee has the option to purchase this asset. As of December 31, 2021, projected future lease income on this lease totaled $58,875 scheduled to be received in 2022. During the years ended December 31, 2021 and 2020, the Company recorded rental income of $236 thousand that is classified as part of selling, general and administrative expenses on the consolidated statements of operations.

SCHEDULE II-VALUATION AND QUALI

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2021
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II–VALUATION AND QUALIFYING ACCOUNTS MARINE PRODUCTS CORPORATION AND SUBSIDIARIES (in thousands of dollars) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the years ended December 31, 2021, 2020 and 2019 ​ ​ Balance at ​ Charged to ​ Net ​ Balance ​ ​ Beginning ​ Costs and ​ (Write-Offs)/ ​ at End of Description ​ of Period ​ Expenses ​ Recoveries ​ Period Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit loss allowance for accounts receivable ​ $ 16 ​ $ — ​ $ (4) ​ $ 12 Deferred tax asset valuation allowance ​ $ 1,818 ​ $ — ​ $ (1,818) ​ $ — Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit loss allowance for accounts receivable ​ $ 20 ​ $ 8 ​ $ (12) ​ $ 16 Deferred tax asset valuation allowance ​ $ 1,818 ​ $ — ​ $ — ​ $ 1,818 Year ended December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit loss allowance for accounts receivable ​ $ 25 ​ $ 14 ​ $ (19) ​ $ 20 Deferred tax asset valuation allowance ​ $ 2,794 ​ $ — ​ $ (976) ​ $ 1,818 ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Basis of Consolidation and Presentation	Basis of Consolidation and Presentation The consolidated financial statements included herein may not necessarily be indicative of the future results of operations, financial position and cash flows of Marine Products. The Company has one reportable segment — its Powerboat Manufacturing business. The Company’s results of operations and its financial condition are not significantly reliant upon any single customer or product model. No single dealer accounted for 10 percent or more of net sales during 2021, 2020 or 2019. Net sales to the Company’s international dealers were approximately $15.9 million in 2021, $11.8 million in 2020, and $17.0 million in 2019.
Common Stock	Common Stock
Preferred Stock	Preferred Stock
Share Repurchases	Share Repurchases
Dividend	Dividend
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements
Sales Recognition	Sales Recognition
Advertising	Advertising
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable	Accounts Receivable
Inventories	Inventories
Property, Plant and Equipment	Property, Plant and Equipment
Goodwill and Other Intangibles	Goodwill and Other Intangibles
Investments	Investments
Warranty Costs	Warranty Costs one ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Balance at beginning of year ​ $ 5,030 ​ $ 5,410 Less: Payments made during the year ​ (4,091) ​ (3,225) Add: Warranty provision for the current year ​ 3,817 ​ 3,095 Changes to warranty provision for prior years ​ (115) ​ (250) Balance at end of year ​ $ 4,641 ​ $ 5,030
Insurance Accruals	Insurance Accruals
Research and Development Costs	Research and Development Costs
Repurchase Obligations	Repurchase Obligations
Income Taxes	Income Taxes
Retirement Income Plan	Retirement Income Plan 59 ½
Stock-Based Compensation	Stock-Based Compensation
Earnings per Share	Earnings per Share Restricted shares of common stock (participating securities) outstanding and a reconciliation of weighted average shares outstanding is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) 2021 2020 2019 Net income available for stockholders: ​ $ 29,026 ​ $ 19,444 ​ $ 28,239 Less: Adjustments for earnings attributable to participating securities ​ (566) ​ (416) ​ (669) Net income used in calculating earnings per share ​ $ 28,460 ​ $ 19,028 ​ $ 27,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 33,984 ​ 33,926 ​ 34,061 Adjustment for participating securities ​ (672) ​ (734) ​ (831) Shares used in calculating basic and diluted earnings per share ​ 33,312 ​ 33,192 ​ 33,230
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Concentration of Suppliers	Concentration of Suppliers
Recent Accounting Pronouncements	Recent Accounting Pronouncements — The FASB issued the following Accounting Standards Updates (ASUs): Recently Adopted Accounting Standards: ​ Accounting Standards Update (ASU) No. 2019-12 — Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes by removing the exceptions to the incremental approach for intra-period tax allocation in certain situations, requirement to recognize a deferred tax liability for a change in the status of a foreign investment, and the general methodology for computing income taxes in an interim period when year-to date loss exceeds the anticipated loss for the year. The amendments also simplify the accounting for income taxes with regard to franchise tax, evaluation of step up in the tax basis goodwill in certain business combinations, allocating current and deferred tax expense to legal entities that are not subject to tax and enacted change in tax laws or rates. The Company adopted these provisions in the first quarter of 2021, and the adoption did not have a material impact on its consolidated financial statements. ​ Recently Issued Accounting Standards Not Yet Adopted: ​ ASU No. 2020-04 — Reference Rate Reform (Topic 848). The amendments in this ASU, provides optional guidance for a limited time to ease the impact of the reference rate reform on financial reporting. The amendments, which are elective, provide expedients to contract modifications, affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or other reference rate that is expected to be discontinued due to reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company will adopt these provisions when LIBOR is discontinued and does not expect adoption to have a material impact on its consolidated financial statements. ​ ASU No. 2021-08 — Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers recognized and measured in the acquiree's financial statements before the acquisition. These amendments are effective beginning in the first quarter of 2023 with early implementation permitted and should be applied prospectively to business combinations occurring on or after January 1, 2023. The company is currently evaluating the impact of adopting these provisions on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES
Schedule of analysis of warranty accruals	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Balance at beginning of year ​ $ 5,030 ​ $ 5,410 Less: Payments made during the year ​ (4,091) ​ (3,225) Add: Warranty provision for the current year ​ 3,817 ​ 3,095 Changes to warranty provision for prior years ​ (115) ​ (250) Balance at end of year ​ $ 4,641 ​ $ 5,030
Schedule of reconciliation of weighted average shares outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) 2021 2020 2019 Net income available for stockholders: ​ $ 29,026 ​ $ 19,444 ​ $ 28,239 Less: Adjustments for earnings attributable to participating securities ​ (566) ​ (416) ​ (669) Net income used in calculating earnings per share ​ $ 28,460 ​ $ 19,028 ​ $ 27,570 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding (including participating securities) ​ 33,984 ​ 33,926 ​ 34,061 Adjustment for participating securities ​ (672) ​ (734) ​ (831) Shares used in calculating basic and diluted earnings per share ​ 33,312 ​ 33,192 ​ 33,230

NET SALES (Tables)

NET SALES (Tables)	12 Months Ended
	Dec. 31, 2021
Net Sales
Schedule of disaggregation of sales by major source	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Boats and accessories ​ $ 293,312 ​ $ 235,097 ​ $ 287,837 Parts ​ 4,702 ​ 4,728 ​ 4,299 Net sales ​ $ 298,014 ​ $ 239,825 ​ $ 292,136
Schedule of revenue by geographic region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Domestic ​ $ 282,117 ​ $ 228,092 ​ $ 275,133 International ​ 15,897 ​ 11,733 ​ 17,003 Net sales ​ $ 298,014 ​ $ 239,825 ​ $ 292,136
Schedule of timing of revenue recognition	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Products transferred at a point in time ​ $ 298,014 ​ $ 239,825 ​ $ 292,136 Products transferred over time ​ — ​ — ​ — Net sales ​ $ 298,014 ​ $ 239,825 ​ $ 292,136
Schedule of contract balances	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Deferred revenue ​ $ 1,313 ​ $ 1,245

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2021
ACCOUNTS RECEIVABLE
Schedule of accounts receivable	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ Trade receivables ​ $ 2,454 ​ $ 3,253 Other ​ 820 ​ 1,469 Total ​ 3,274 ​ 4,722 Less: allowance for credit losses ​ (12) ​ (16) Net accounts receivable ​ $ 3,262 ​ $ 4,706

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2021
INVENTORIES
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 2020 (in thousands) ​ ​ ​ ​ ​ ​ Raw materials and supplies ​ $ 42,231 ​ $ 21,754 Work in process ​ 14,390 ​ 11,378 Finished goods ​ 16,640 ​ 9,178 Total inventories ​ $ 73,261 ​ $ 42,310

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2021
PROPERTY, PLANT AND EQUIPMENT
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ ​ December 31, Useful Lives 2021 2020 (in thousands) ​ ​ ​ ​ ​ ​ Land N/A ​ $ 878 ​ $ 878 Buildings 7-40 ​ 21,275 ​ 20,966 Operating equipment and property 3-15 ​ 13,455 ​ 12,923 Furniture and fixtures 5-7 ​ 2,779 ​ 2,560 Vehicles 5-10 ​ 7,861 ​ 7,677 Gross property, plant and equipment ​ ​ 46,248 ​ 45,004 Less: accumulated depreciation ​ ​ (31,878) ​ (30,066) Net property, plant and equipment ​ ​ ​ $ 14,370 ​ $ 14,938

ACCRUED EXPENSES AND OTHER LI_2

ACCRUED EXPENSES AND OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER LIABILITIES
Schedule of accrued expenses and other liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ Accrued payroll and related expenses ​ $ 3,119 ​ $ 4,458 Accrued sales incentives and discounts ​ 1,214 ​ 3,292 Accrued warranty costs ​ 4,641 ​ 5,030 Deferred revenue ​ 1,313 ​ 1,245 Other ​ 1,011 ​ 1,558 Total accrued expenses and other liabilities ​ $ 11,298 ​ $ 15,583

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2021
INCOME TAXES
Schedule of components of the provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2021 2020 2019 (in thousands) ​ ​ ​ Current provision: ​ ​ ​ Federal ​ $ 7,176 ​ $ 4,741 ​ $ 6,637 State ​ 346 ​ 582 ​ 202 Deferred (benefit) provision: ​ ​ ​ ​ Federal ​ (248) ​ (410) ​ (715) State ​ 108 ​ 99 ​ 95 Total income tax provision ​ $ 7,382 ​ $ 5,012 ​ $ 6,219
Schedule of reconciliation between the federal statutory rate and effective tax rate	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, 2021 2020 2019 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefit 0.9 1.4 1.0 Research and experimentation credit (0.9) (1.5) (1.2) Non-deductible expenses ​ (0.8) ​ 0.1 ​ (0.7) ​ Change in contingencies 0.4 0.1 (0.1) Adjustments related to vesting of restricted stock (1.0) (1.5) (1.5) Other 0.7 0.9 (0.5) Effective tax rate 20.3 % 20.5 % 18.0 %
Schedule of components of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ Deferred tax assets: ​ ​ Warranty costs ​ $ 1,021 ​ $ 1,107 Sales incentives and discounts ​ 83 ​ 278 Stock-based compensation ​ 780 ​ 717 Pension ​ 3,196 ​ 2,365 State NOL’s ​ ​ 283 ​ ​ 423 State credits ​ ​ — ​ ​ 1,818 All others ​ 506 ​ 635 Valuation allowance ​ — ​ (1,818) Total deferred tax assets ​ 5,869 ​ 5,525 Deferred tax liabilities: ​ ​ Depreciation and amortization expense ​ (1,033) ​ (965) Basis differences in joint venture ​ (444) ​ (485) Net deferred tax assets ​ $ 4,392 ​ $ 4,075
Schedule of unrecognized tax benefits	​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 Balance at January 1 ​ $ 401 ​ $ 358 Additions based on tax positions related to the current year ​ 32 ​ 34 Additions for tax positions of prior years ​ 106 ​ 9 Balance at December 31 ​ $ 539 ​ $ 401

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	12 Months Ended
	Dec. 31, 2021
ACCUMULATED OTHER COMPREHENSIVE LOSS
Schedule of accumulated other comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2020 (in thousands) ​ ​ ​ ​ Balance at beginning of the year ​ $ (1,947) ​ $ (2,748) ​ Change during the year: ​ ​ ​ Before-tax amount ​ (879) ​ 250 ​ Tax benefit ​ 193 ​ (30) ​ Reclassification adjustment, net of taxes ​ ​ ​ Amortization of net loss ​ 57 ​ 76 ​ Net realized loss ​ — ​ 505 ​ Total activity in the year ​ (629) ​ 801 ​ Balance at end of the year ​ $ (2,576) ​ $ (1,947) ​

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2021
EMPLOYEE BENEFIT PLANS
Schedule of funded status of the Retirement Income Plan	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ ACCUMULATED BENEFIT OBLIGATION, END OF YEAR ​ $ 5,832 ​ $ 5,576 ​ ​ ​ ​ ​ ​ ​ CHANGE IN PROJECTED BENEFIT OBLIGATION: ​ ​ ​ Benefit obligation at beginning of year ​ $ 5,576 ​ $ 6,433 Service cost ​ — ​ — Interest cost ​ 147 ​ 230 Actuarial loss ​ 347 ​ 622 Benefits paid ​ (238) ​ (264) Settlement ​ ​ — ​ ​ (1,445) Projected benefit obligation at end of year ​ $ 5,832 ​ $ 5,576 CHANGE IN PLAN ASSETS: ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 7,351 ​ $ 7,314 Actual return on plan assets ​ (243) ​ 1,196 Employer contributions ​ — ​ 550 Benefits paid ​ (238) ​ (264) Settlements ​ ​ — ​ ​ (1,445) Fair value of plan assets at end of year ​ $ 6,870 ​ $ 7,351 Funded status at end of year ​ $ 1,038 ​ $ 1,775 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ ​ ​ ​ ​ AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF: ​ ​ ​ ​ ​ ​ Noncurrent assets ​ $ 1,038 ​ $ 1,775 Current liabilities ​ — ​ — Noncurrent liabilities ​ — ​ — ​ ​ $ 1,038 ​ $ 1,775 ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF: ​ ​ Net loss ​ $ 3,303 ​ $ 2,496 Prior service cost (credit) ​ — ​ — Net transition obligation (asset) ​ — ​ — ​ ​ $ 3,303 ​ $ 2,496
Schedule of amounts recorded in the consolidated balance sheet as pension liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 (in thousands) ​ ​ SERP liability ​ $ (15,564) ​ $ (12,524) Funded status of Retirement Income Plan ​ — ​ — Pension liabilities ​ $ (15,564) ​ $ (12,524)
Schedule of net periodic cost (benefit)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2021 ​ 2020 ​ 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ Service cost for benefits earned during the period ​ $ — ​ $ — ​ $ — Interest cost ​ 147 ​ 230 ​ 255 Expected return on plan assets ​ (289) ​ (292) ​ (468) Amortization of net losses ​ 73 ​ 98 ​ 87 Settlement loss ​ ​ — ​ ​ 647 ​ ​ — Net periodic (benefit) cost ​ $ (69) ​ $ 683 ​ $ (126)
Schedule of amounts recognized in other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) 2021 2020 2019 Net loss (gain) ​ $ 879 ​ $ (154) ​ $ 300 Amortization of net loss ​ (73) ​ (98) ​ (87) Net transition obligation (asset) ​ — ​ — ​ — Settlement loss ​ ​ — ​ ​ (647) ​ ​ — Amount recognized in accumulated other comprehensive income (loss) ​ $ 806 ​ $ (899) ​ $ 213
Schedule of weighted average assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 2020 2019 PROJECTED BENEFIT OBLIGATION: ​ Discount rate N/A (1) 2.70 % 3.70 % Rate of compensation increase N/A N/A N/A NET BENEFIT COST: Discount rate 2.70 % 3.70 % 4.65 % Expected return on plan assets 4.00 % 4.00 % 7.00 % Rate of compensation increase N/A N/A N/A
Schedule of allocation of plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of ​ Percentage of ​ ​ ​ ​ ​ ​ ​ Plan Assets as of ​ Plan Assets as of ​ ​ Target Allocation ​ December 31, ​ December 31, Asset Category for 2022 2021 2020 Cash and Cash Equivalents 0 % - 5.0 % 1.4 % 2.0 % Fixed Income Securities 15.0 % - 100.0 % 98.6 98.0 ​ Total ​ ​ ​ ​ ​ 100.0 % 100.0 %
Schedule of plan assets using the fair value hierarchy	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments (in thousands) ​ ​ Total Level 1 Level 2 Cash and Cash Equivalents ​ (1) ​ $ 87 ​ $ 87 ​ $ — Fixed Income Securities ​ (2) ​ 6,783 ​ — ​ 6,783 Total Assets in the Fair Value Hierarchy ​ ​ ​ ​ $ 6,870 ​ $ 87 ​ $ 6,783 ​ Fair Value Hierarchy as of December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investments (in thousands) ​ ​ Total Level 1 Level 2 Cash and Cash Equivalents ​ (1) ​ $ 138 ​ $ 138 ​ $ — Fixed Income Securities ​ (2) ​ 7,213 ​ — ​ 7,213 Total Assets in the Fair Value Hierarchy ​ ​ ​ ​ $ 7,351 ​ $ 138 ​ $ 7,213 ​ (1) Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds. (2) Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
Schedule of future benefits payable for the Retirement Income Plan over the next ten years	​ ​ ​ ​ ​ (in thousands) ​ 2022 ​ $ 1,829 2023 ​ 4,192 2024 ​ — 2025 ​ — 2026 ​ — 2027-2031 ​ $ —
Schedule of summary of the changes in non-vested restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date Fair ​ Shares Value Non-vested shares at January 1, 2021 678,220 ​ $ 12.89 Granted 189,750 ​ ​ 16.55 Vested (194,800) ​ ​ 10.25 Forfeited (1,800) ​ ​ 11.76 Non-vested shares at December 31, 2021 671,370 ​ $ 14.70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date Fair ​ Shares Value Non-vested shares at January 1, 2020 815,540 ​ $ 11.29 Granted 179,000 ​ ​ 15.00 Vested (310,520) ​ ​ 9.91 Forfeited (5,800) ​ ​ 13.09 Non-vested shares at December 31, 2020 678,220 ​ $ 12.89

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
LEASES
Schedule of operating leases assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ Classification on Consolidated Balance Sheet 2021 2020 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ Operating lease right-of-use assets Other assets ​ $ 72 ​ $ 124 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ Current portion of operating lease liabilities Accrued expenses and other liabilities ​ $ 54 ​ $ 52 Long-term operating lease liabilities Other long-term liabilities ​ 17 ​ 70 Total lease liabilities ​ $ 71 ​ $ 122
Schedule of components of lease expense	​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ 2020 (in thousands) ​ ​ ​ ​ ​ Operating lease cost $ 55 ​ $ 54 Short-term lease cost ​ — ​ ​ 2 Total lease cost $ 55 ​ $ 56
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of operating lease liabilities (in thousands) $ 52 ​ $ 49 ​ ROU assets obtained in exchange for operating lease liabilities (in thousands) ​ — ​ 14 ​ Weighted average remaining lease term - operating leases (years) ​ 1.6 ​ 2.5 ​ Weighted average discount rate - operating leases ​ 3.40 % 3.48 %
Schedule of future minimum lease payments	​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2021 2020 (in thousands) ​ ​ ​ ​ ​ 2021 $ — $ 55 2022 ​ ​ 55 ​ ​ 55 2023 ​ 13 ​ 13 2024 ​ 3 ​ 3 2025 ​ 1 ​ 1 Total lease payments ​ 72 ​ 127 Less: Amounts representing interest ​ (1) ​ (5) Present value of lease liabilities ​ $ 71 ​ $ 122

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Basis of Consolidation and Presentation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Concentration Risk [Line Items]
Number of reportable segments | segment	1
Net sales to all dealers	$ 298,014	$ 239,825	$ 292,136
Net sales | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, customer	0	0	0
Percent of net sales	10	10	10
Net sales | International dealers
Concentration Risk [Line Items]
Net sales to all dealers	$ 15,900	$ 11,800	$ 17,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Common and Preferred Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES
Common stock, shares authorized	74,000,000	74,000,000
Common stock, par value (in dollar per share)	$ 0.10	$ 0.10
Votes per share	one vote
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value (in dollar per share)	$ 0.10	$ 0.10
Preferred stock, shares issued	0	0

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Dividends, Advertising and Marketable securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting policies:
Prepaid expenses related to unamortized product brochure costs	$ 132,000	$ 194,000
Selling, general and administrative expenses
Accounting policies:
Advertising expenses	$ 1,645,000	$ 2,013,000	$ 2,543,000
Dividend declared
Accounting policies:
Amount of dividend payable in cash per share	$ 0.12
Dividends payable, date declared	Jan. 25, 2022
Dividend payable, date to be payable	Mar. 10, 2022
Dividends payable, date of record	Feb. 10, 2022

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Warranty Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Warranty accruals:
Balance at beginning of year	$ 5,030	$ 5,410
Less: Payments made during the year	(4,091)	(3,225)
Add: Warranty provision for the current year	3,817	3,095
Changes to warranty provision for prior years	(115)	(250)
Balance at end of year	$ 4,641	$ 5,030
Warranty Costs
Period of limited warranty on structural deck	5 years
Period of transferable limited warranty to original owner	1 year
Period of transferable hull warranty available to first subsequent owner	5 years
Length of period after original retail purchase the 5-year transferable hull warranty terminates	5 years
Minimum
Warranty Costs
Period of non-transferable warranty on additional items	1 year
Maximum
Warranty Costs
Period of non-transferable warranty on additional items	5 years

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Product Information [Line Items]
Statutory federal income tax rate	21.00%	21.00%	21.00%
Retirement age of eligible employees for future retirement benefit	65 years
Goodwill and Other Intangibles
Goodwill	$ 3,308,000	$ 3,308,000
Impairment of goodwill or trade names	$ 0	0	$ 0
Minimum
Product Information [Line Items]
Retirement age of eligible employees for future retirement benefit	59 years 6 months
Maximum
Product Information [Line Items]
Retirement age of eligible employees for future retirement benefit	55 years
Selling, general and administrative expenses
Product Information [Line Items]
Research and development costs	$ 776,000	$ 751,000	$ 730,000
Accounts Receivable | Customer Concentration Risk | Domestic
Product Information [Line Items]
Percentage of domestic shipments made pursuant to floor plan financing	51.00%
Supplier Concentration Risk
Product Information [Line Items]
Number of supplier | item	4
Number of types of engines | item	3

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of weighted average shares outstanding (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Earnings per Share
Net income available for stockholders	$ 29,026	$ 19,444	$ 28,239
Less: Adjustments for earnings attributable to participating securities	(566)	(416)	(669)
Net income used in calculating earnings per share	$ 28,460	$ 19,028	$ 27,570
Weighted average shares outstanding (including participating securities)	33,984	33,926	34,061
Adjustment for participating securities	(672)	(734)	(831)
Shares used in calculating basic and diluted earnings per share	33,312	33,192	33,230

NET SALES - Payment Terms (Deta

NET SALES - Payment Terms (Details)	12 Months Ended
	Dec. 31, 2021
Minimum
Net sales:
Revenue satisfaction period	7 days
Maximum
Net sales:
Revenue satisfaction period	10 days

NET SALES - Disaggregate sales

NET SALES - Disaggregate sales by major source (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of revenue:
Net sales	$ 298,014	$ 239,825	$ 292,136
Boats and accessories
Disaggregation of revenue:
Net sales	293,312	235,097	287,837
Parts
Disaggregation of revenue:
Net sales	$ 4,702	$ 4,728	$ 4,299

NET SALES - Disaggregate revenu

NET SALES - Disaggregate revenue by location (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of revenue:
Net sales	$ 298,014	$ 239,825	$ 292,136
Domestic
Disaggregation of revenue:
Net sales	282,117	228,092	275,133
International
Disaggregation of revenue:
Net sales	$ 15,897	$ 11,733	$ 17,003

NET SALES - Timing of revenue r

NET SALES - Timing of revenue recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of revenue:
Net sales	$ 298,014	$ 239,825	$ 292,136
Products transferred at point in time
Disaggregation of revenue:
Net sales	298,014	239,825	292,136
Products transferred over time
Disaggregation of revenue:
Net sales	$ 0	$ 0	$ 0

NET SALES - Deferred revenue (D

NET SALES - Deferred revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued expenses and other liabilities
Disaggregation of revenue:
Deferred revenue	$ 1,313	$ 1,245

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable
Trade receivables	$ 2,454	$ 3,253
Other	820	1,469
Total	3,274	4,722
Less: allowance for credit losses	(12)	(16)
Net accounts receivable	$ 3,262	$ 4,706

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
INVENTORIES
Raw materials and supplies	$ 42,231	$ 21,754
Work in process	14,390	11,378
Finished goods	16,640	9,178
Total inventories	$ 73,261	$ 42,310

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 46,248	$ 45,004
Less: accumulated depreciation	(31,878)	(30,066)
Net property, plant and equipment	14,370	14,938
Land
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	878	878
Buildings
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 21,275	20,966
Buildings | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	7 years
Buildings | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	40 years
Operating equipment and property
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 13,455	12,923
Operating equipment and property | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	3 years
Operating equipment and property | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	15 years
Furniture and fixtures
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 2,779	2,560
Furniture and fixtures | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	5 years
Furniture and fixtures | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	7 years
Vehicles
PROPERTY, PLANT AND EQUIPMENT
Gross property, plant and equipment	$ 7,861	$ 7,677
Vehicles | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	5 years
Vehicles | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated Useful Lives	10 years

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PROPERTY, PLANT AND EQUIPMENT
Depreciation expense	$ 1,816	$ 1,954	$ 2,090

ACCRUED EXPENSES AND OTHER LI_3

ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued payroll and related expenses	$ 3,119	$ 4,458
Accrued sales incentives and discounts	1,214	3,292
Accrued warranty costs	4,641	5,030
Deferred revenue	1,313	1,245
Other	1,011	1,558
Total accrued expenses and other liabilities	$ 11,298	$ 15,583

LONG TERM DEBT (Details)

LONG TERM DEBT (Details)	Nov. 12, 2021USD ($)	Dec. 31, 2021USD ($)
Line of Credit Facility [Line Items]
Maximum debt consolidated leverage ratio		2.50
Minimum debt consolidated fixed charge coverage ratio		1.25
Origination and other debt related costs		$ 195,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 20,000,000
Increase in the aggregate commitments from committed accordion	$ 35,000,000
Outstanding borrowings		0
Interest incurred		$ 10,000
Revolving Credit Facility | Minimum
Line of Credit Facility [Line Items]
Facility fee	25.00%
Revolving Credit Facility | Maximum
Line of Credit Facility [Line Items]
Facility fee	45.00%
Revolving Credit Facility | LIBOR | Minimum
Line of Credit Facility [Line Items]
Interest rate	150.00%
Revolving Credit Facility | LIBOR | Maximum
Line of Credit Facility [Line Items]
Interest rate	250.00%
Swingline loans
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 5,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 2,500,000

INCOME TAXES - Components of pr

INCOME TAXES - Components of provision for income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current provision:
Federal	$ 7,176	$ 4,741	$ 6,637
State	346	582	202
Deferred (benefit) provision:
Federal	(248)	(410)	(715)
State	108	99	95
Total income tax provision	$ 7,382	$ 5,012	$ 6,219

INCOME TAXES - Reconciliation b

INCOME TAXES - Reconciliation between the federal statutory rate and effective tax rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
INCOME TAXES
Federal statutory rate	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	0.90%	1.40%	1.00%
Research and experimentation credit	(0.90%)	(1.50%)	(1.20%)
Non-deductible expenses	(0.80%)	0.10%	(0.70%)
Change in contingencies	0.40%	0.10%	(0.10%)
Adjustments related to vesting of restricted stock	(1.00%)	(1.50%)	(1.50%)
Other	0.70%	0.90%	(0.50%)
Effective tax rate	20.30%	20.50%	18.00%

INCOME TAXES - Significant comp

INCOME TAXES - Significant components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Warranty costs	$ 1,021	$ 1,107
Sales incentives and discounts	83	278
Stock-based compensation	780	717
Pension	3,196	2,365
State NOL's	283	423
State credits		1,818
All others	506	635
Valuation allowance		(1,818)
Total deferred tax assets	5,869	5,525
Deferred tax liabilities:
Depreciation and amortization expense	(1,033)	(965)
Basis differences in joint venture	(444)	(485)
Net deferred tax assets	$ 4,392	$ 4,075

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of beginning and ending amount of unrecognized tax benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 401	$ 358
Additions based on tax positions related to the current year	32	34
Additions for tax positions of prior years	106	9
Balance at December 31	$ 539	$ 401

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Total net income tax payments	$ 7,493	$ 4,099	$ 7,330
Other State Credits
Income taxes
Net operating loss carry forwards	$ 8,200

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
AOCI Roll Forward
Balance at beginning of the year	$ (1,947)
Reclassification adjustment, net of taxes
Balance at end of the year	(2,576)	$ (1,947)
Pension Adjustment
AOCI Roll Forward
Balance at beginning of the year	(1,947)	(2,748)
Change during the year:
Before-tax amount	(879)	250
Tax benefit	193	(30)
Reclassification adjustment, net of taxes
Amortization of net loss	57	76
Net realized loss		505
Total activity in the year	(629)	801
Balance at end of the year	$ (2,576)	$ (1,947)

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Available-for-sale securities
Available-for-sale securities	$ 0	$ 0
Fair value transfers between levels
Transfers from Level 1 to Level 2	0
Transfers from Level 2 to Level 1	0
Transfers into Level 3	0
Transfers out of Level 3	0
Fair value on a recurring basis
Available-for-sale securities
Investments measured at Net Asset Value - Trading securities	$ 12,264,000	$ 10,622,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Dealer Floor Plan Financing (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Repurchases of inventory	$ 0	$ 0
Total purchase obligation	$ 6.5
Floor plan lender one
COMMITMENTS AND CONTINGENCIES
Repurchase limit in percentage of amount of average net receivables	16.00%
Total purchase obligation	$ 4.1
Additional floor plan lenders
COMMITMENTS AND CONTINGENCIES
Total purchase obligation	$ 2.4

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Income taxes and employee agreements (Details)	12 Months Ended
	Dec. 31, 2021USD ($)employee	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
COMMITMENTS AND CONTINGENCIES.
Long-term deferred tax liabilities	$ 539,000	$ 401,000
Selling, general and administrative expenses	$ 31,880,000	29,244,000	$ 31,259,000
Employment agreement
COMMITMENTS AND CONTINGENCIES.
Number Of Employees | employee	1
Monthly payment (in percent of profit)	10.00%
Selling, general and administrative expenses	$ 4,765,000	$ 3,586,000	$ 4,487,000

EMPLOYEE BENEFIT PLANS - SERP (

EMPLOYEE BENEFIT PLANS - SERP (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Benefit Plans
Pension liabilities	$ 15,564,000	$ 12,524,000
Settlement loss		(647,000)
Vested balance age	65 years
SERP
Employee Benefit Plans
Variable life insurance policies investment amount	$ 9,700,000	8,600,000
Fair value of plan assets	12,264,000	10,622,000
Trading gains related to the SERP assets	1,643,000	906,000	$ 1,197,000
Pension liabilities	15,564,000	12,524,000
Change in fair value of liability unrealized gains	$ 1,647,000	$ 1,395,000	$ 1,501,000

EMPLOYEE BENEFIT PLANS - Funded

EMPLOYEE BENEFIT PLANS - Funded status of Retirement Income Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CHANGE IN PLAN ASSETS:
Funded status at end of year	$ 0	$ 0
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
ACCUMULATED BENEFIT OBLIGATION, END OF YEAR	5,832,000	5,576,000
CHANGE IN PROJECTED BENEFIT OBLIGATION:
Benefit obligation at beginning of year	5,576,000	6,433,000
Service cost	0	0	$ 0
Interest cost	147,000	230,000	255,000
Actuarial loss	347,000	622,000
Benefits paid	(238,000)	(264,000)
Settlement	0	(1,445,000)
Projected benefit obligation at end of year	5,832,000	5,576,000	6,433,000
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year	7,351,000	7,314,000
Actual return on plan assets	(243,000)	1,196,000
Employer contributions	0	550,000
Benefits paid	(238,000)	(264,000)
Settlement	0	(1,445,000)
Fair value of plan assets at end of year	6,870,000	7,351,000	$ 7,314,000
Funded status at end of year	1,038,000	1,775,000
AMOUNTS RECOGNIZED IN THE CONSOLIDATED BALANCE SHEETS CONSIST OF:
Noncurrent assets	1,038,000	1,775,000
Current liabilities	0	0
Noncurrent liabilities	0	0
Amounts recognized in balance sheet	1,038,000	1,775,000
AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE LOSS CONSIST OF:
Net loss	3,303,000	2,496,000
Prior service cost (credit)	0	0
Net transition obligation (asset)	0	0
Amounts (pre-tax) recognized in accumulated other comprehensive loss	$ 3,303,000	$ 2,496,000

EMPLOYEE BENEFIT PLANS - Amount

EMPLOYEE BENEFIT PLANS - Amounts recorded in consolidated balance sheet as pension liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
SERP liability	$ (15,564)	$ (12,524)
Funded status of Retirement Income Plan	0	0
Pension liabilities	$ (15,564)	$ (12,524)

EMPLOYEE BENEFIT PLANS - Compon

EMPLOYEE BENEFIT PLANS - Components of net periodic cost (benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
Settlement loss		$ (647)
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
Service cost for benefits earned during the period	$ 0	0	$ 0
Interest cost	147	230	255
Expected return on plan assets	(289)	(292)	(468)
Amortization of net losses	73	98	87
Settlement loss		(647)
Net periodic (benefit) cost	$ (69)	$ 683	$ (126)

EMPLOYEE BENEFIT PLANS - Pre-ta

EMPLOYEE BENEFIT PLANS - Pre-tax amounts recognized in other comprehensive income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
Settlement loss		$ 600,000
Retirement Income Plan
EMPLOYEE BENEFIT PLANS
Net loss (gain)	$ 879,000	(154,000)	$ 300,000
Amortization of net loss	(73,000)	(98,000)	(87,000)
Net transition obligation (asset)	0	0	0
Settlement loss	0	(647,000)	0
Amount recognized in accumulated other comprehensive (loss) income	$ 806,000	$ (899,000)	$ 213,000

EMPLOYEE BENEFIT PLANS - Weight

EMPLOYEE BENEFIT PLANS - Weighted average assumptions used to determine the projected benefit obligation and net benefit cost (Details) - Retirement Income Plan	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
PROJECTED BENEFIT OBLIGATION:
Discount rate		2.70%	3.70%
Rate of compensation increase
NET BENEFIT COST:
Discount rate	2.70%	3.70%	4.65%
Expected return on plan assets	4.00%	4.00%	7.00%
Rate of compensation increase

EMPLOYEE BENEFIT PLANS - Weig_2

EMPLOYEE BENEFIT PLANS - Weighted average asset allocation by asset category along with target allocation (Details) - Retirement Income Plan	Dec. 31, 2021	Dec. 31, 2020
EMPLOYEE BENEFIT PLANS
Percentage of Plan Assets	100.00%	100.00%
Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Percentage of Plan Assets	1.40%	2.00%
Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Percentage of Plan Assets	98.60%	98.00%
Minimum | Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Target Allocation for 2022	0.00%
Minimum | Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Target Allocation for 2022	15.00%
Maximum | Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Target Allocation for 2022	5.00%
Maximum | Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Target Allocation for 2022	100.00%

EMPLOYEE BENEFIT PLANS - Plan a

EMPLOYEE BENEFIT PLANS - Plan assets using fair value hierarchy (Details) - Retirement Income Plan - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	$ 87	$ 138
Cash and Cash Equivalents | Level 1
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	87	138
Fixed Income Securities
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	6,783	7,213
Fixed Income Securities | Level 2
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	6,783	7,213
Investment
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	6,870	7,351
Investment | Level 1
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	87	138
Investment | Level 2
EMPLOYEE BENEFIT PLANS
Total Assets in the Fair Value Hierarchy	$ 6,783	$ 7,213

EMPLOYEE BENEFIT PLANS - Estima

EMPLOYEE BENEFIT PLANS - Estimates that future benefits payable for Retirement Income Plan (Details) - Retirement Income Plan $ in Thousands	Dec. 31, 2021USD ($)
EMPLOYEE BENEFIT PLANS
2022	$ 1,829
2023	$ 4,192

EMPLOYEE BENEFIT PLANS - 401(k)

EMPLOYEE BENEFIT PLANS - 401(k) Plan and Stock Incentive Plan (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
Percentage of employer matching contribution			100.00%
Maximum period of vesting in contribution of employees			3 years
Employer matching contribution	$ 976,000	$ 603,000	$ 796,000
Stock Incentive Plans Member
EMPLOYEE BENEFIT PLANS
Stock authorized (in shares)	3,000,000
Expiration term of share-based compensation plans	10 years
Number of shares available for grants	1,382,000
Pre-tax stock-based employee compensation expense	$ 2,289,000	3,102,000	2,123,000
After tax stock-based employee compensation expense	$ 1,785,000	$ 2,420,000	$ 1,656,000

EMPLOYEE BENEFIT PLANS - Stock

EMPLOYEE BENEFIT PLANS - Stock Options and Restricted Stock (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Minimum threshold limit percentage of incentive stock options grants to owners	10.00%
Percentage of fair market value of the common stock	110.00%
Stock based compensation award, vesting period	5 years
Expiry period of the stock	10 years
Expiry period of the stock of the majority owners	5 years
Fair value of stock options method used	Black-Scholes option pricing model
Options exercised in period	0	0	0
Stock options outstanding	0
Restricted shares of common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation award, vesting period	6 years
Stock based compensation award, vesting percentage	20.00%

EMPLOYEE BENEFIT PLANS - Summar

EMPLOYEE BENEFIT PLANS - Summary of changes in non-vested restricted shares (Details) - Restricted shares of common stock - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Shares
Non-vested shares at beginning	678,220	815,540
Granted	189,750	179,000
Vested	(194,800)	(310,520)
Forfeited	(1,800)	(5,800)
Non-vested shares at ending	671,370	678,220	815,540
Weighted Average Grant-Date Fair Value
Non-vested shares at beginning	$ 12.89	$ 11.29
Granted	16.55	15	$ 17.21
Vested	10.25	9.91
Forfeited	11.76	13.09
Non-vested shares at ending	$ 14.70	$ 12.89	$ 11.29

EMPLOYEE BENEFIT PLANS - Additi

EMPLOYEE BENEFIT PLANS - Additional information (Details) - Restricted shares of common stock - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share)	$ 16.55	$ 15	$ 17.21
Total fair value of shares vested	$ 3,174,000	$ 4,431,000	$ 3,818,000
Tax benefits for compensation expense for restricted stock	341,000	$ 363,000
Unrecognized compensation cost related to non-vested restricted shares	$ 7,821,000
Unrecognized compensation cost related to non-vested restricted shares recognized period	3 years 3 months 18 days

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2016	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
RPC | 255 RC, LLC
Related Party Transaction [Line Items]
Joint venture ownership interest percentage	50.00%
Investment in joint venture	$ 2,554,000
Operating lease agreement term	5 years
Rent and allocable fixed cost for corporate aircraft		$ 160,000	$ 160,000	$ 159,000
Payable due to related party		1,400,000	1,200,000
Undistributed earnings represented in retained earnings		521,000
RPC | Transition Support Services Agreement
Related Party Transaction [Line Items]
Aggregate service charges paid		867,000	846,000	$ 865,000
Receivable (payable) due from (to) related party		$ 87,000	$ 49,000
Chairman of Board and Director
Related Party Transaction [Line Items]
Voting power (in percent)		50.00%

LEASES - Assets and liabilities

LEASES - Assets and liabilities related to operating leases recorded on balance sheet (Details) - ASU No. 2016-02, Leases (Topic 842) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities:
Total lease liabilities	$ 71	$ 122
Other assets
Assets:
Operating lease right-of-use assets	72	124
Accrued expenses and other liabilities
Liabilities:
Current portion of operating lease liabilities	54	52
Other long-term liabilities
Liabilities:
Long-term operating lease liabilities	$ 17	$ 70

LEASES - Components of lease ex

LEASES - Components of lease expense (Details) - ASU No. 2016-02, Leases (Topic 842) - Selling, general and administrative expenses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Line Items]
Operating lease cost	$ 55	$ 54
Short-term lease cost		2
Total lease cost	$ 55	$ 56

LEASES - Other information rela

LEASES - Other information related to operating leases (Details) - ASU No. 2016-02, Leases (Topic 842) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Line Items]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 52	$ 49
ROU assets obtained in exchange for operating lease liabilities	$ 0	$ 14
Weighted average remaining lease term - operating leases (years)	1 year 7 months 6 days	2 years 6 months
Weighted average discount rate - operating leases	3.40%	3.48%

LEASES - Future minimum lease p

LEASES - Future minimum lease payments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Maturity of lease liabilities
Initial lease term (in months)	36 months
Total received leases	$ 58,875
Rental income	236,000	$ 236,000
ASU No. 2016-02, Leases (Topic 842)
Maturity of lease liabilities
2021	0	55,000
2022	55,000	55,000
2023	13,000	13,000
2024	3,000	3,000
2025	1,000	1,000
Total lease payments	72,000	127,000
Less: Amounts representing interest	(1,000)	(5,000)
Present value of lease liabilities	$ 71,000	$ 122,000

SCHEDULE II-VALUATION AND QUA_2

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Credit loss allowance for accounts receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 16	$ 20	$ 25
Charged to Costs and Expenses		8	14
Net (Write-Offs)/ Recoveries	(4)	(12)	(19)
Balance at End of Period	12	16	20
Deferred tax asset valuation allowance
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	1,818	1,818	2,794
Charged to Costs and Expenses	0	0	0
Net (Write-Offs)/ Recoveries	$ (1,818)	0	(976)
Balance at End of Period		$ 1,818	$ 1,818