Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

The following table summarizes the provision for income taxes:


	Year Ended December 31,
	2024		2023		2022
	(amounts in thousands)
Current:
Federal	$	12,275	$	13,728	$	3,022
State	4,139		5,762		2,381
	$	16,414	$	19,490	$	5,403
Deferred:
Federal	$	(2,304)	$	(4,183)	$	4,163
State	(640)		(637)		744
	$	(2,944)	$	(4,820)	$	4,907

Tax provision	$	13,470	$	14,670	$	10,310

Schedule of Significant Components of Federal and State Deferred Tax Assets and Liabilities

Significant components of the Company’s federal and state deferred tax asset and liability balances were as follows:


	Year Ended December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Allowance for doubtful accounts	$	25,138	$	22,788
Deferred compensation	9,159		9,048
Accrued insurance claims	5,277		5,580
Non-deductible reserves	497		169
Lease liabilities	4,214		4,765
Share based compensation	3,312		2,988
Other	3,275		2,418
	$	50,872	$	47,756
Deferred tax liabilities:
Expensing of housekeeping supplies	$	(2,174)	$	(2,351)
Amortization of goodwill and intangibles	(3,861)		(3,000)
Depreciation of property and equipment	(1,664)		(1,688)
Lease right-of-use assets	(4,048)		(4,571)
Other	(955)		(920)
	$	(12,702)	$	(12,530)

Net deferred tax assets	$	38,170	$	35,226

Schedule of Reconciliation of The Provision for Income Taxes

The table below provides a reconciliation between the tax expense computed by applying the statutory federal income tax rate to income before income taxes and the provision for income taxes:


	Year Ended December 31,
	2024		2023		2022
	(in thousands)
Income tax expense computed at statutory rate	$	11,118	$	11,182	$	9,356
Increases (decreases) resulting from:
State income taxes, net of federal tax benefit	2,631		4,153		2,594
Federal jobs credits	(1,914)		(2,014)		(2,571)
Tax exempt interest	(306)		(348)		(308)
Share-based compensation	1,722		1,610		1,250
Fines and penalties	18		55		4
Other, net	201		32		(15)
Income tax expense	$	13,470	$	14,670	$	10,310