INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of components of the income tax expense (benefit)

The components of the income tax expense (benefit) are as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Current income tax expense:
Federal	$	1,155	$	—	$	128
State	1,022		353		262
Current income tax expense	2,177		353		390
Deferred income tax (benefit) expense:
Federal	(3,383)		98,772		9,912
State	(1,309)		33,894		996
Deferred income tax (benefit) expense	(4,692)		132,666		10,908
Income tax (benefit) expense	$	(2,515)	$	133,019	$	11,298

Schedule of reconciliation of total income tax expense (benefit) to amounts computed by applying statutory federal income tax rate to income (loss) from continuing operations before income taxes

A reconciliation of the income tax expense (benefit) to the amounts computed by applying the statutory federal income tax rate to income (loss) from continuing operations before income taxes is shown as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Federal statutory income tax	$	(26,233)	$	(11,538)	$	17,731
State income taxes, net	(2,215)		365		1,269
Excess tax deductions on non-cash compensation	6,373		4,117		(9,401)
Research and experimentation tax credit	(1,512)		(2,906)		(3,207)
Nondeductible executive compensation	2,174		2,692		3,058
Increase (decrease) in valuation allowance	17,087		139,374		595
Other, net	1,811		915		1,253
Income tax (benefit) expense	$	(2,515)	$	133,019	$	11,298

Schedule of components of the deferred tax assets and deferred tax liabilities

The tax effects of cumulative temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Provision for accrued expenses	$	1,168	$	3,257
Leasing	21,263		25,213
Net operating loss carryforwards (a)	47,463		59,302
Capitalized research and experimentation	30,396		17,843
Non-cash compensation expense	28,126		30,451
Intangible assets	11,379		10,240
Interest	21,295		30,054
Equity Investment	4,561		—
Tax credits	15,385		16,174
Other	95		104
Total gross deferred tax assets	181,131		192,638
Less: valuation allowance (b)	(162,504)		(145,401)
Total deferred tax assets, net of the valuation allowance	18,627		47,237
Deferred tax liabilities:
Leasing	(18,329)		(21,445)
Property and equipment	(1,563)		(6,227)
Equity investment	—		(25,756)
Other	(826)		(592)
Total gross deferred tax liabilities	(20,718)		(54,020)
Net deferred taxes	$	(2,091)	$	(6,783)

(a)At December 31, 2023, the Company had pre-tax consolidated federal net operating losses (“NOLs”) of $139.0 million. The federal NOLs no longer expire under the Tax Cuts and Jobs Act. The Company's NOLs will be available to offset taxable income, subject to the Internal Revenue Code Section 382 annual limitation. In addition, the Company has state NOLs of approximately $466.4 million at December 31, 2023, a portion of which will expire at various times between 2024 and 2043.

(b)The valuation allowance is related to items for which it is “more likely than not” that the tax benefit will not be realized.

Deferred income taxes are presented in the accompanying consolidated balance sheets as follows (in thousands):

	December 31,
	2023		2022
Deferred income tax assets	$	—	$	—
Deferred income tax liabilities	(2,091)		(6,783)
Net deferred taxes	$	(2,091)	$	(6,783)

Schedule of the deferred tax valuation allowance reconciliation

A reconciliation of the beginning and ending balances of the deferred tax valuation allowance is as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Balance, beginning of the period	$	145,401	$	6,039	$	5,802
Charges to earnings	17,103		139,362		237
Balance, end of the period	$	162,504	$	145,401	$	6,039

Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):

	Year Ended December 31,
	2023		2022
Balance, beginning of the period	$	3,282	$	2,914
Additions based on tax positions of the current period	227		405
Additions (subtractions) based on tax positions of the prior period	(85)		(37)
Balance, end of the period	$	3,424	$	3,282