Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

	Years Ended December 31,
	2021		2020		2019
	(in thousands)
Current	$	6,755	$	9,939	$	7,282
Deferred	3,669		13,027		6,038
Total	$	10,424	$	22,966	$	13,320

Federal Statutory Income Tax Rate Reconciliation

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

	Years Ended December 31,
	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	1.8	%	5.3	%	5.2	%
Change in valuation allowance	1.0	%	—	%	—	%
Excess tax benefits related to share-based compensation	(7.8)	%	(3.2)	%	(2.6)	%
Return to provision	—	%	0.1	%	(1.4)	%
Oklahoma amended tax returns	—	%	—	%	(1.3)	%
Other	(0.9)	%	(0.7)	%	(0.9)	%
	15.1	%	22.5	%	20.0	%

Deferred Tax Assets and Liabilities

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

 

	December 31,
	2021		2020
	(in thousands)
Deferred income tax assets (liabilities):
Accounts receivable and inventory reserves	$	625	$	1,052
Warranty accrual	3,675		3,776
Other accruals	1,406		1,044
Share-based compensation	7,568		4,102
Intangibles	993		(33)
Oklahoma investment credit carryforward	3,404		—
Other, net	3,119		2,608
	20,790		12,549
Valuation allowance	(3,404)		—
Net deferred income tax assets	17,386		12,549
Property & equipment	(49,379)		(40,873)
Total deferred income tax liabilities	(49,379)		(40,873)
Net deferred income tax liabilities	$	(31,993)	$	(28,324)