Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

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

	Years Ended December 31,
(in thousands)	2021		2020		2019
Current
Federal	$	75,525	$	27,852	$	23,066
State	24,974		9,751		6,129
Total current tax expense (benefit)	100,499		37,603		29,195
Deferred
Federal	(6,241)		3,899		3,535
State	(3,423)		2,433		2,447
Total deferred tax expense (benefit)	(9,664)		6,332		5,982
Total expense (benefit) for income taxes	$	90,835	$	43,935	$	35,177

Schedule of 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 on the Consolidated Statements of Operations for the years indicated: 

	Years Ended December 31,
(in thousands)	2021				2020				2019
Tax at statutory rate	$	74,271	21	%	$	34,419	21	%	$	29,544	21	%
State taxes, net of federal benefit	17,283		5		9,775		6		6,859		5
Excess tax benefits related to share-based compensation	(4,095)		(1)		239		—		(1,298)		(1)
Nondeductible compensation	3,461		1		2,686		2		2,080		2
Effect of net (income) loss attributable to noncontrolling interests	(2,637)		(1)		(1,939)		(1)		(968)		(1)
Change in valuation allowance	1,941		1		(1,383)		(1)		(1,330)		(1)
Other, net	611		—		138		—		290		—
Income tax expense (benefit)	$	90,835	26	%	$	43,935	27	%	$	35,177	25	%

Schedule of Tax Effects of Temporary Differences

The tax effects of temporary differences were as follows: 

	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Intangible assets	$	11,216	$	3,237
Net operating losses	12,743		13,490
Compensation accruals	17,034		12,971
Lease liability	11,857		5,835
Investments	6,335		3,758
Capital losses	1,083		1,255
Other	595		984
Gross deferred tax assets	60,863		41,530
Valuation allowance	(7,296)		(6,107)
Gross deferred tax assets after valuation allowance	53,567		35,423
Deferred tax liabilities:
Intangible assets	(21,297)		(18,170)
Right of use asset	(9,830)		(4,328)
Fixed assets	(1,661)		(1,900)
Other investments	(1,575)		(1,487)
Gross deferred tax liabilities	(34,363)		(25,885)
Deferred tax assets, net	$	19,204	$	9,538

Schedule of Income Tax Contingencies

Activity in unrecognized tax benefits were as follows:

	Years Ended December 31,
(in thousands)	2021		2020		2019
Balance, beginning of year	$	1,021	$	1,172	$	—
Decrease related to tax positions taken in prior years	—		(365)		—
Increase related to positions taken in the current year	214		214		1,172
Balance, end of year	$	1,235	$	1,021	$	1,172