INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of reconciliation of statutory federal income tax

A reconciliation of the statutory federal income taxes to the recorded provision for income taxes from continuing operations is as follows:

	For the Years Ended December 31,
	2022		2021
			(As Restated)
	(In thousands)
Statutory federal tax expense	$	11,905	$	10,949
Effect of state taxes, net of federal benefit		3,308		2,062
Effect of state rate and tax law changes		747		(1,232)
Impairment of long-lived intangible assets		908		—
Non-deductible officer’s compensation		1,985		2,055
PPP loan income forgiveness		(1,591)		—
Change in valuation allowance		(234)		(13)
IRC Section 382 adjustments		(334)		(705)
NOL expirations		268		610
Uncertain tax positions		(495)		(777)
Other		254		85
Provision for income taxes	$	16,721	$	13,034

Schedule of components of the (benefit from) provision for income taxes

The components of the provision for income taxes from continuing operations are as follows:

	For the Years Ended
	December 31,
	2022		2021
			(As Restated)
	(In thousands)
Federal:
Current	$	—	$	—
Deferred		13,269		12,952
State:
Current		1,843		1,063
Deferred		1,609		(981)
Provision for income taxes	$	16,721	$	13,034

Schedule of components of deferred tax assets and liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

	As of December 31,
	2022		2021
			(As Restated)
	(In thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	2,149	$	2,111
Accruals		304		465
Fixed assets		488		486
Stock-based compensation		328		163
Net operating loss carryforwards		88,813		109,343
Lease liability		8,901		10,022
Interest expense carryforward		23,788		20,380
Total deferred tax assets		124,771		142,970
Valuation allowance for deferred tax assets		(30)		(264)
Total deferred tax asset, net of valuation allowance		124,741		142,706
Deferred tax liabilities:
Intangible assets		(129,026)		(131,682)
Available-for-sale securities		(23,779)		(17,618)
Right of use asset		(8,123)		(8,924)
Partnership interests		(2,412)		(1,964)
Deferred financing costs		(958)		(1,196)
Other		(147)		(199)
Total deferred tax liabilities		(164,445)		(161,583)
Net deferred tax liability	$	(39,704)	$	(18,877)

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2022		2021
	(In thousands)
Balance as of January 1	$	1,315	$	2,299
Additions for tax positions related to current years		—		—
Additions (deductions) for tax positions related to prior years		8		8
Deductions for tax positions as a result of the lapse of applicable statutes of limitation		(635)		(992)
Balance as of December 31	$	688	$	1,315