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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Income Before Provision (Benefit) for Income Taxes

Income before provision (benefit) for income taxes consisted of the following:

 

(in thousands)

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

U.S.

 

$

149,759

 

 

$

121,660

 

 

$

131,898

 

Foreign

 

 

261

 

 

 

96

 

 

 

146

 

 

 

$

150,020

 

 

$

121,756

 

 

$

132,044

 

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consisted of the following:

 

(in thousands)

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Current:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

$

19,480

 

 

$

(1,692

)

 

$

23,975

 

State

 

 

8,708

 

 

 

5,360

 

 

 

6,545

 

Foreign

 

 

2,208

 

 

 

2,035

 

 

 

1,733

 

 

 

 

30,396

 

 

 

5,703

 

 

 

32,253

 

Deferred:

 

 

 

 

 

 

 

 

 

U.S. Federal

 

 

4,563

 

 

 

23,433

 

 

 

(755

)

State

 

 

(68

)

 

 

2,896

 

 

 

(1,424

)

Foreign

 

 

(9

)

 

 

19

 

 

 

(14

)

 

 

 

4,486

 

 

 

26,348

 

 

 

(2,193

)

Total

 

$

34,882

 

 

$

32,051

 

 

$

30,060

 

Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate

The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

U.S. federal statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal benefit

 

 

4.9

 

 

 

5.1

 

 

 

4.7

 

State deferred tax apportionment change, net of federal benefit

 

 

(1.1

)

 

 

1.6

 

 

 

(1.6

)

Valuation allowance

 

 

0.0

 

 

 

0.0

 

 

 

0.0

 

Share-based compensation

 

 

(1.7

)

 

 

(2.1

)

 

 

(1.4

)

Enactment of the Tax Cuts and Jobs Act

 

 

(0.2

)

 

 

 

 

 

(0.3

)

Other

 

 

0.3

 

 

 

0.7

 

 

 

0.4

 

 

 

 

23.2

%

 

 

26.3

%

 

 

22.8

%

Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities

The following table shows the deferred income taxes related to the temporary differences between the tax bases of assets and liabilities and the respective amounts included in “Deferred income taxes, net” on the Company’s Consolidated Balance Sheets:

 

(in thousands)

 

December 31,

 

 

 

2022

 

 

2021

 

Deferred tax liabilities:

 

 

 

 

 

 

Accelerated depreciation

 

$

249,568

 

 

$

244,141

 

Prepaid costs currently deductible

 

 

8,646

 

 

 

6,069

 

Other

 

 

8,124

 

 

 

6,553

 

Total deferred tax liabilities

 

 

266,338

 

 

 

256,763

 

Deferred tax assets:

 

 

 

 

 

 

Accrued costs not yet deductible

 

 

12,207

 

 

 

11,010

 

Allowance for doubtful accounts

 

 

588

 

 

 

548

 

Deferred revenues

 

 

4,069

 

 

 

219

 

Share-based compensation

 

 

2,563

 

 

 

2,561

 

Total deferred tax assets, net of valuation allowance of $0.2 million in 2022 and 2021

 

 

19,427

 

 

 

14,338

 

Deferred income taxes, net

 

$

246,911

 

 

$

242,425