Income Taxes (Tables)

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

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

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
	(in thousands)
Current	$	13,998	$	13,037	$	22,530	$	18,472
Deferred	781		(5,359)		41		(4,438)
Income tax provision	$	14,779	$	7,678	$	22,571	$	14,034

Schedule of Effective Income Tax Rate Reconciliation

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

	Three Months Ended				Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Federal statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
State income taxes, net of Federal benefit	4.8		4.6		5.0		4.4
Excess tax benefits related to share-based compensation (Note 12)	(3.4)		(3.8)		(5.8)		(6.0)
Return to provision	—		—		(0.1)		(0.1)
Non-deductible executive compensation	1.5		—		1.3		—
Research and development credits	(1.2)		(1.2)		(1.2)		(1.3)
Change in valuation allowance (Oklahoma Investment Credit)	—		(5.8)		—		(3.2)
Other	(0.6)		(0.4)		(0.4)		(0.3)
Effective tax rate	22.1	%	14.4	%	19.8	%	14.5	%