Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summarized Statement of Components of Income Tax Provision

The income tax provision for the years ended December 31, 2024, 2023 and 2022, is comprised of the following components:

	For the Year Ended December 31, 2024
	Federal		State		Total
Current expense	$	37,320	$	6,951	$	44,271
Tax credits/true-up	(9,413)		—		(9,413)
Change in deferred expense/(benefit)	(3,236)		1,856		(1,380)
Total tax expense	$	24,671	$	8,807	$	33,478

 

	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	(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 benefit	1,909		(82)		1,827
Total tax expense	$	16,430	$	4,495	$	20,925

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,
	2024				2023				2022
Expected tax at statutory rate	$	196,102	21.0	%	$	183,111	21.0	%	$	197,887	21.0	%
Non-taxable REIT income	(161,989)		(17.3)	%	(161,316)		(18.5)	%	(172,966)		(18.4)	%
State and local tax expense - net of federal benefit	8,851		0.9	%	8,779		1.0	%	4,160		0.4	%
Change in valuation allowance	—		—	%	(1,148)		(0.1)	%	(1,093)		(0.1)	%
Tax credits/true-up	(9,413)		(1.0)	%	(7,742)		(0.9)	%	(6,040)		(0.6)	%
Miscellaneous	(73)		—	%	(125)		—	%	(1,023)		(0.1)	%
Total provision	$	33,478	3.6	%	$	21,559	2.5	%	$	20,925	2.2	%

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, 2024		December 31, 2023
Deferred tax liabilities:
Fixed assets	$	(34,846)	$	(36,572)
Operating and Finance lease right-of-use assets	(6,495)		(6,831)
Other	(13,903)		(10,797)
State deferred taxes	(7,304)		(4,564)
Total deferred tax liabilities	(62,548)		(58,764)
Deferred tax assets:
Captive insurance subsidiary	2,119		509
Accrued liabilities	3,196		3,015
Stock compensation	4,787		3,961
Operating and Finance lease liabilities	9,249		9,013
Other	1,539		502
State deferred taxes	643		2,581
Total deferred tax assets	21,533		19,581
Net deferred income tax liabilities	$	(41,015)	$	(39,183)