INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income before Income Tax, Domestic and Foreign

The components of (loss) income from continuing operations before the provision for income taxes are as follows:


	For the Year Ended December 31,
$ in thousands	2022		2021
Domestic	$	(254,739)	$	29,501
Foreign	—		—
Total	$	(254,739)	$	29,501

Components of Provision (Benefit) Income Taxes

The components of the provision for income taxes from continuing operations consist of the following:


	For the Year Ended December 31,
$ in thousands	2022		2021
Current tax provision:
Federal	$	—	$	—
State	(53)		2,344
Foreign	—		—
Total current tax (benefit) provision	(53)		2,344
Deferred tax provision:
Federal	11,771		5,763
State	3,284		(206)
Foreign	—		—
Total deferred tax provision	15,055		5,557
Total provision for income taxes	$	15,002	$	7,901

Effective Income Tax Rate Reconciliation

A reconciliation of the amounts at U.S. federal statutory tax rate to the Company’s effective tax rate for continuing operations is as follows:


	For the Year Ended December 31,
$ in thousands	2022		2021
(Benefit) provision at federal statutory rate	$	(53,495)	$	6,195
State income taxes, net of federal tax benefits	2,553		2,124
Change in valuation allowance	65,395		—
Other, net	549		(418)
Provision for income taxes	$	15,002	$	7,901

Components of Deferred Tax Assets and Liabilities

Deferred income taxes are provided for the tax effect of temporary differences between the financial reporting basis and the tax basis of assets and liabilities. Significant components of the Company’s deferred tax assets (liabilities) are as follows:


	As of December 31,
$ in thousands	2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	58,008	$	21,716
Intangibles	1,674		268
Stock-based compensation	462		456
Capitalized costs	8,794		9,327
Interest Expense Limitation Carryforward	4,653		—
Environmental liabilities	4,538		—
Fixed Assets	3,672		—
Other	3,401		469
Gross deferred tax assets	85,202		32,236
Less: valuation allowance	(85,202)		(6,993)
Deferred tax assets, net	—		25,243

Deferred tax liabilities:
Investment in partnership	—		(8,891)
Property and equipment	—		(659)
Other	—		(635)
Deferred tax liabilities	—		(10,185)
Total net deferred tax assets	$	—	$	15,058