Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summarized Statement of Components of Income Tax Provision

The income tax provision for the years ended December 31, 2023, 2022 and 2021, is comprised of the following components:

	For the Year Ended December 31, 2023
	Federal		State		Total
Current expense	$	26,516	$	6,035	$	32,551
Tax credits/true-up	(7,742)		—		(7,742)
Change in deferred expense/(benefit)	(4,151)		901		(3,250)
Total tax expense	$	14,623	$	6,936	$	21,559

 

	For the Year Ended December 31, 2022
	Federal		State		Total
Current expense	$	20,592	$	4,546	$	25,138
Tax credits/true-up	(6,071)		31		(6,040)
Change in deferred expense	1,909		(82)		1,827
Total tax expense	$	16,430	$	4,495	$	20,925

 

	For the Year Ended December 31, 2021
	Federal		State		Total
Current expense	$	21,017	$	3,520	$	24,537
Tax credits/true-up	(4,979)		(138)		(5,117)
Change in deferred benefit	818		86		904
Total tax expense	$	16,856	$	3,468	$	20,324

Schedule of Reconciliation of Statutory Income Tax Provisions to the Effective Income Tax Provisions

A reconciliation of the statutory income tax provisions to the effective income tax provisions for the periods indicated is as follows:

	For the Year Ended December 31,
	2023				2022				2021
Expected tax at statutory rate	$	183,111	21.0	%	$	197,887	21.0	%	$	188,600	21.0	%
Non-taxable REIT income	(161,316)		(18.5)	%	(172,966)		(18.4)	%	(166,137)		(18.5)	%
State and local tax expense - net of federal benefit	8,779		1.0	%	4,160		0.4	%	3,259		0.4	%
Change in valuation allowance	(1,148)		(0.1)	%	(1,093)		(0.1)	%	(1,061)		(0.1)	%
Tax credits/true-up	(7,742)		(0.9)	%	(6,040)		(0.6)	%	(5,117)		(0.6)	%
Miscellaneous	(125)		—	%	(1,023)		(0.1)	%	780		0.1	%
Total provision	$	21,559	2.5	%	$	20,925	2.2	%	$	20,324	2.3	%

Schedule of Major Sources of Temporary Differences Stated at their Deferred Tax Effects

The major sources of temporary differences stated at their deferred tax effects are as follows:

	December 31, 2023		December 31, 2022
Deferred tax liabilities:
Fixed assets	$	(36,572)	$	(32,551)
Operating and Finance lease right-of-use assets	(6,831)		(6,610)
Other	(37)		(48)
State deferred taxes	(4,564)		(3,607)
Captive insurance subsidiary	(10,760)		—
Total deferred tax liabilities	(58,764)		(42,816)
Deferred tax assets:
Captive insurance subsidiary	509		335
Accrued liabilities	3,015		2,541
Stock compensation	3,961		3,467
Operating and Finance lease liabilities	9,013		8,418
Other	502		48
State deferred taxes	2,581		5,232
Total deferred tax assets	19,581		20,041
Valuation allowance	—		(1,148)
Net deferred income tax liabilities	$	(39,183)	$	(23,923)