Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of components of income tax expense (benefit)

	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	54,097	$	50,194	$	59,450
State		39		5,017		5,822
		54,136		55,211		65,272
Deferred:
Federal		229		(578)		5,050
State		325		811		623
		554		233		5,673
Tax expense recorded as an increase of paid-in capital		—		—		—
	$	54,690	$	55,444	$	70,945

Schedule of effective income tax rate reconciliation

	Year Ended December 31,
	2023		2022		2021
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	2.8		2.8		2.4
State tax credits, net of federal effect	(1.0)		(1.6)		(1.2)
Excess tax benefits	(0.3)		(0.1)		(1.3)
Nondeductible expenses	0.3		0.2		0.1
Other	(1.7)		0.8		0.4
Effective income tax rate	21.1	%	23.1	%	21.4	%

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred income tax assets and liabilities, included in Deferred income taxes, non-current on the consolidated balance sheets are as follows:

	As of December 31,		As of December 31,
	2023		2022
Deferred tax assets:
Share-based compensation	$	2,850	$	2,725
Employee compensation		1,262		1,109
Intangibles		11,696		14,872
Leases		1,780		1,270
State taxes		3,641		3,998
Other		329		232
Deferred tax assets		21,558		24,206
Deferred tax liability:
Property and equipment		(11,256)		(13,350)
Goodwill		(37,051)		(37,051)
Other		—		—
Deferred tax liability		(48,307)		(50,401)
Net deferred tax liability	$	(26,749)	$	(26,195)

The net deferred tax liability on the accompanying consolidated balance sheet is comprised of the following:

	As of December 31,		As of December 31,
	2023		2022
Deferred income taxes, current	$	5,118	$	5,172
Deferred income taxes, non-current		(31,867)		(31,367)
Net deferred tax liability	$	(26,749)	$	(26,195)

Reconciliation of the beginning and ending balance of unrecognized tax benefits

	2023		2022
Unrecognized tax benefits, beginning of year	$	15,862	$	14,108
Tax positions taken during the current year
Increases		2,891		2,814
Decreases		—		—
Tax positions taken during a prior year
Increases		392		1,313
Decreases		(1,810)		(1,954)
Decreases for settlements during the period		(384)		—
Reductions for lapses of applicable statute of limitations		(3,320)		(419)
Unrecognized tax benefits, end of year	$	13,631	$	15,862