INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The following table sets forth the components of income tax expense:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Current taxes:
Federal	$	31,747	$	13,879	$	1,230
State	13,609		6,109		551
Deferred taxes:
Federal	(2,502)		(922)		(502)
State	(1,134)		(364)		(612)
Total income tax expense	$	41,720	$	18,702	$	667

Schedule of Reconciliation of the U.S. Statutory Tax Rate to Annual Effective Tax Rate

The following table sets forth a reconciliation of income tax at the federal statutory rate to recorded income tax expense:

	Year Ended December 31,
($ in thousands)	2021			2020			2019
Loss before income taxes	$	(80,937)		$	(5,139)		$	(32,575)
U.S. Statutory Rate	21		%	21		%	21		%
Recovery based on Statutory Rate	$	(16,997)		$	(1,079)		$	(6,841)
Expense (recovery) resulting from:
State and local income taxes	12,475			5,745			(62)
Expenses disallowed under IRC Section 280E	31,510			13,729			4,665
Nondeductible litigation settlement	7,667			—			—
Nondeductible IPO interest-related expense	5,746			—			—
Other permanent differences	1,395			261			106
Pass-through entities & non-controlling interests	—			46			2,799
Other, net	(76)			—			—
Income tax expense	$	41,720		$	18,702		$	667

Schedule of Components of Deferred Tax Assets and Liabilities

The following tables set forth the components of deferred income taxes:

	As of December 31,
(in thousands)	2021		2020
Deferred tax assets attributable to:
Operating lease liabilities	$	50,089	$	40,543
Property and equipment	284		193
Equity-based compensation	801		—
State and local net operating loss carryforwards	337		370
Loyalty program	158		—
Gross deferred tax assets	51,669		41,106
Valuation allowance	—		—
Total deferred tax assets	$	51,669	$	41,106
Deferred tax liabilities attributable to:
Operating lease right-of-use assets	$	(21,344)	$	(19,129)
Tenant improvement allowance	(764)		(7,197)
Property and equipment	(24,200)		(12,385)
Goodwill and other acquired intangible assets	(6,784)		—
Total deferred tax liabilities	$	(53,092)	$	(38,711)
Net deferred tax (liabilities) assets	$	(1,423)	$	2,395