Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The provision for income taxes consists of the following:

	Years Ended December 31,
	2020		2019		2018
	(in thousands)
Current	$	9,939	$	7,282	$	10,530
Deferred	13,027		6,038		2,641
Total	$	22,966	$	13,320	$	13,171

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before the provision for income taxes.

The reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows: 

	Years Ended December 31,
	2020		2019		2018
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	5.3	%	5.2	%	6.0	%
Excess tax benefits	(3.2)	%	(2.6)	%	(2.0)	%
Return to provision	0.1	%	(1.4)	%	—	%
Oklahoma amended tax returns	—	%	(1.3)	%	—	%
Other	(0.7)	%	(0.9)	%	(1.0)	%
	22.5	%	20.0	%	24.0	%

Upon completion of the Company's 2018 tax return in 2019, the Company recorded additional benefit due to higher than expected research and development credit of $0.6 million. Additionally in 2019, the Company determined it could take advantage of an additional 1% tax credit in Oklahoma for years in which the Company's location was deemed to be within an enterprise zone. The additional Oklahoma credit for being in an enterprise zone, or otherwise allowable under Oklahoma law, resulted in a benefit of $1.2 million.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes.

The significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2020		2019
	(in thousands)
Deferred income tax assets (liabilities):
Accounts receivable and inventory reserves	$	1,052	$	835
Warranty accrual	3,776		3,523
Other accruals	747		1,919
Share-based compensation	4,102		3,906
Donations	297		194
Other, net	2,457		2,140
Total deferred income tax assets	12,431		12,517
Property & equipment	(40,755)		(27,814)
Total deferred income tax liabilities	$	(40,755)	$	(27,814)
Net deferred income tax liabilities	$	(28,324)	$	(15,297)

We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. examinations for tax years 2017 to present, and to non-U.S. income tax examinations for the tax years 2016 to present. In addition, we are subject to state and local income tax examinations for tax years 2016 to present. The Company continues to evaluate its need to file returns in various state jurisdictions. Any interest or penalties would be recognized as a component of income tax expense.