Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022		2021		2020
Current
Federal	$	40,113	$	75,525	$	27,852
State	19,107		24,974		9,751
Total current tax expense (benefit)	59,220		100,499		37,603
Deferred
Federal	(1,506)		(6,241)		3,899
State	(454)		(3,423)		2,433
Total deferred tax expense (benefit)	(1,960)		(9,664)		6,332
Total expense (benefit) for income taxes	$	57,260	$	90,835	$	43,935

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)	2022				2021				2020
Tax at statutory rate	$	34,416	21	%	$	74,271	21	%	$	34,419	21	%
State taxes, net of federal benefit	14,736		9		17,283		5		9,775		6
Excess tax benefits related to share-based compensation	(2,792)		(1)		(4,095)		(1)		239		—
Nondeductible compensation	2,356		1		3,461		1		2,686		2
Effect of net (income) loss attributable to noncontrolling interests	(1,435)		(1)		(2,637)		(1)		(1,939)		(1)
Change in valuation allowance	9,596		6		1,941		1		(1,383)		(1)
Other, net	383		—		611		—		138		—
Income tax expense (benefit)	$	57,260	35	%	$	90,835	26	%	$	43,935	27	%

Schedule of Tax Effects of Temporary Differences

The tax effects of temporary differences were as follows: 

	December 31,
(in thousands)	2022		2021
Deferred tax assets:
Intangible assets	$	17,773	$	11,216
Net operating losses	11,881		12,743
Compensation accruals	16,813		17,034
Lease liability	10,026		11,857
Investments	18,283		6,335
Capital losses	2,197		1,083
Other	94		595
Gross deferred tax assets	77,067		60,863
Valuation allowance	(19,480)		(7,296)
Gross deferred tax assets after valuation allowance	57,587		53,567
Deferred tax liabilities:
Intangible assets	(24,163)		(21,297)
Right of use asset	(7,672)		(9,830)
Fixed assets	(1,869)		(1,661)
Other investments	(712)		(1,575)
Gross deferred tax liabilities	(34,416)		(34,363)
Deferred tax assets, net	$	23,171	$	19,204

Schedule of Income Tax Contingencies

Activity in unrecognized tax benefits were as follows:

	Years Ended December 31,
(in thousands)	2022		2021		2020
Balance, beginning of year	$	1,235	$	1,021	$	1,172
Decrease related to tax positions taken in prior years	(593)		—		(365)
Increase related to positions taken in the current year	214		214		214
Balance, end of year	$	856	$	1,235	$	1,021