Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following (in thousands):

	Year Ended December 31,
	2024			2023		2022
Current income tax provision:
Federal	$	75,552		$	52,634	$	28,830
State		20,147			13,966		9,126
		95,699			66,600		37,956
Deferred income tax provision:
Federal		(14,907	)		2,869		20,000
State		(1,500	)		1,346		4,256
		(16,407	)		4,215		24,256
Total income tax provision	$	79,292		$	70,815	$	62,212

Reconciliation of Differences between Income Tax Provision and Income Tax Determined by Applying US Federal Statutory Rate

The income tax provision differs from the amount of income tax determined by applying the U.S. Federal statutory rate to income before taxes as a result of the following (in thousands):

	Year Ended December 31,
	2024			2023			2022
U.S. Federal statutory taxes	$	64,194		$	58,002		$	51,836
State and local taxes, net of U.S. Federal benefit		13,890			12,296			10,608
Permanent items		948			1,320			(208	)
Excess tax benefits from vesting or settlement of stock    compensation awards		(756	)		(656	)		(11	)
Federal credits		(636	)		(755	)		(598	)
Other		1,652			608			585
Total income tax provision	$	79,292		$	70,815		$	62,212

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following (in thousands):

	As of December 31,
	2024			2023
Deferred tax assets:
Operating lease liability		13,632			6,886
Product and surface flaking warranty reserves		5,833			5,645
State tax credit carryforwards		3,621			4,250
Deferred revenue		4,230			4,215
Tax Cut and Jobs Act capitalization of research and    development costs		5,397			3,956
Stock-based compensation		1,828			2,361
Inventories		3,342			639
Gross deferred tax assets, before valuation allowance		37,883			27,952
Valuation allowance		(2,638	)		(3,307	)
Gross deferred tax assets, after valuation allowance		35,245			24,645
Deferred tax liabilities:
Depreciation		(70,572	)		(74,794	)
Inventories		(2,150	)		(10,627	)
Operating lease right-of-use asset		(13,332	)		(6,677	)
Goodwill amortization		(3,584	)		(3,536	)
Other		(1,639	)		(1,450	)
Gross deferred tax liabilities		(91,277	)		(97,084	)
Net deferred tax liability	$	(56,032	)	$	(72,439	)