Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

	Years Ended December 31,
	2023		2022		2021
	(in thousands)
Current	$	52,058	$	37,489	$	6,755
Deferred	(6,527)		(13,332)		3,669
Income tax provision	$	45,531	$	24,157	$	10,424

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,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of Federal benefit	3.9	%	4.1	%	1.8	%
Change in valuation allowance	(1.4)	%	—	%	1.0	%
Excess tax benefits related to share-based compensation (Note 14)	(4.0)	%	(2.4)	%	(7.8)	%
Return to provision	0.2	%	(0.3)	%	—	%
Non-deductible executive compensation	1.7	%	—	%	—	%
Research and development tax credits	(1.2)	%	(2.1)	%	(1.1)	%
Other	0.2	%	(0.9)	%	0.2	%
Effective tax rate	20.4	%	19.4	%	15.1	%

Deferred Tax Assets and Liabilities

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

 

	December 31,
	2023		2022
	(in thousands)
Deferred income tax assets (liabilities):
Allowance for credit losses and inventory reserves	$	1,724	$	1,337
Warranty accrual	5,462		4,184
Other accruals	3,989		4,814
Share-based compensation	8,560		7,440
Research & development expenses	18,647		11,265
Oklahoma investment credit carryforward	2,306		3,115
Other, net	1,673		2,339
	42,361		34,494
Valuation allowance	—		(3,115)
Net deferred income tax assets	42,361		31,379
Property & equipment	(54,495)		(50,040)
Total deferred income tax liabilities	(54,495)		(50,040)
Net deferred income tax liabilities	$	(12,134)	$	(18,661)