Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Provision for Income Taxes

Income before provision for income taxes consisted of the following:

(in thousands)	Year Ended December 31,
	2024		2023		2022
U.S.	$	310,352	$	234,188	$	149,759
Foreign		3,296		228		261
	$	313,648	$	234,416	$	150,020

Provision (Benefit) for Income Taxes

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

(in thousands)	Year Ended December 31,
	2024		2023			2022
Current:
U.S. Federal	$	31,127	$	57,176		$	19,480
State		10,518		(5,587	)		8,708
Foreign		1,704		1,847			2,208
		43,349		53,436			30,396
Deferred:
U.S. Federal		31,852		4,892			4,563
State		6,693		1,481			(68	)
Foreign		28		(14	)		(9	)
		38,573		6,359			4,486
Total	$	81,922	$	59,795		$	34,882

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,
	2024			2023			2022
U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		4.8			4.9			4.9
State deferred tax apportionment change, net of federal benefit		0.3			(0.2	)		(1.1	)
Non-deductible transaction costs		—			0.3			—
Non-deductible executive compensation		0.4			0.4			0.6
Share-based compensation		(0.3	)		(1.2	)		(1.7	)
Enactment of the Tax Cuts and Jobs Act		(0.1	)		(0.2	)		(0.2	)
Valuation allowance		(0.1	)		—			—
Other		0.1			0.5			(0.2	)
		26.1	%		25.5	%		23.3	%

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,
	2024		2023
Deferred tax liabilities:
Accelerated depreciation	$	285,835	$	273,503
Prepaid costs currently deductible		13,572		12,567
Other		10,144		6,767
Total deferred tax liabilities		309,551		292,837
Deferred tax assets:
Accrued costs not yet deductible		15,909		13,742
Allowance for doubtful accounts		733		713
Net operating loss carry-forward		7,415		28,670
Deferred revenues		2,175		5,439
Share-based compensation		3,190		2,718
Total deferred tax assets		29,422		51,282
Deferred income taxes, net	$	280,129	$	241,555