Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the provision for income taxes were as follows: 

	Years Ended December 31,
(in thousands)	2019		2018		2017
Current
Federal	$	23,066	$	18,864	$	15,670
State	6,129		3,668		1,985
Total current tax expense (benefit)	29,195		22,532		17,655
Deferred
Federal	3,535		5,901		20,895
State	2,447		4,528		1,940
Total deferred tax expense (benefit)	5,982		10,429		22,835
Total expense (benefit) for income taxes	$	35,177	$	32,961	$	40,490

Reconciliation of Provision (Benefit) for Income Taxes

The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized in the Consolidated Statements of Operations for the years indicated: 

	Years Ended December 31,
(in thousands)	2019					2018					2017
Tax at statutory rate	$	29,544		21	%	$	22,899		21	%	$	28,150		35	%
State taxes, net of federal benefit	6,859			5		6,450			6		3,548			4
Effect of U.S. tax reform (the Tax Act)	—			—		—			—		13,074			16
Effect of net (income) loss attributable to noncontrolling interests	(968		)	(1	)	(171		)	—		(1,017		)	(1	)
Change in valuation allowance	(1,330		)	(1	)	4,508			4		(2,613		)	(3	)
Other, net	1,072			1		(725		)	(1	)	(652		)	(1	)
Income tax expense (benefit)	$	35,177		25	%	$	32,961		30	%	$	40,490		50	%

Summary of Tax Effects of Temporary Differences

The tax effects of temporary differences were as follows: 

	December 31,
(in thousands)	2019			2018
Deferred tax assets:
Intangible assets	$	5,279		$	7,352
Net operating losses	13,704			14,750
Compensation accruals	12,789			11,728
Lease liability	6,897			—
Investments	5,561			7,557
Capital losses	773			512
Other	581			942
Gross deferred tax assets	45,584			42,841
Valuation allowance	(6,844		)	(8,439		)
Gross deferred tax assets after valuation allowance	38,740			34,402
Deferred tax liabilities:
Intangible assets	(15,252		)	(12,286		)
Right of use asset	(5,263		)	—
Fixed assets	(1,372		)	—
Other investments	(975		)	—
Gross deferred tax liabilities	(22,862		)	(12,286		)
Deferred tax assets, net	$	15,878		$	22,116

Summary of Income Tax Contingencies

Activity in unrecognized tax benefits were as follows:

	Years Ended December 31,
(in thousands)	2019		2018		2017
Balance, beginning of year	$	—	$	—	$	—
Decrease related to tax positions taken in prior years	—		—		—
Increase related to positions taken in the current year	1,172		—		—
Balance, end of year	$	1,172	$	—	$	—