Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of income tax provision

Our income tax provision consisted of the following for the years ended December 31, 2020, 2019 and 2018 (in thousands):

	For the year ended December 31,
	2020		2019		2018
Current
Federal	$	5,690	$	4,917	$	10,508
State		3,201		3,182		3,010
Foreign		195		977		293
Total current		9,086		9,076		13,811
Deferred
Federal		8,213		3,869		1,189
State		2,898		287		330
Total deferred		11,111		4,156		1,519
Total income tax provision	$	20,197	$	13,232	$	15,330

Schedule of tax effects of temporary differences on net deferred tax assets

	December 31,
	2020		2019
Deferred tax asset, net
Reserves and accruals	$	4,571	$	4,017
Domestic intangible assets		(1,672)		8,185
Lease assets		(310)		(1,950)
Lease liabilities		579		2,752
Investment in unconsolidated entities		(1,236)		(116)
Deferred income		—		19
Net operating and capital loss carryforwards		974		885
Other U.S. temporary differences		2		228
Net deferred tax assets	$	2,908	$	14,020

Schedule of reconciliation of federal income tax determined using statutory federal tax rate to reported income tax provision

The following table is a reconciliation of our U.S. federal income tax determined using our statutory federal tax rate to our reported income tax provision for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands):

	For the Year Ended December 31,
	2020				2019				2018
Federal statutory tax rate	$	81,118	21.0	%	$	115,535	21.0	%	$	89,571	21.0	%
REIT and other non-taxable loss		(58,265)	(15.1)	%		(106,301)	(19.3)	%		(77,972)	(18.3)	%
State income taxes		7,509	1.9	%		3,034	0.5	%		3,038	0.7	%
Federal benefit of state tax deduction		(1,577)	(0.4)	%		(637)	(0.1)	%		(638)	(0.1)	%
Net operating loss carryback rate differential		(3,387)	(0.9)	%		—	—	%		—	—	%
Intra-entity transfer		(5,385)	(1.4)	%		—	—	%		—	—
Other		184	0.1	%		1,601	0.3	%		1,331	0.3	%
Effective tax rate	$	20,197	5.2	%	$	13,232	2.4	%	$	15,330	3.6	%