Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Current
Federal	$	33,523	$	40,113	$	75,525
State	10,171		19,107		24,974
Total current tax expense (benefit)	43,694		59,220		100,499
Deferred
Federal	789		(1,506)		(6,241)
State	605		(454)		(3,423)
Total deferred tax expense (benefit)	1,394		(1,960)		(9,664)
Total expense (benefit) for income taxes	$	45,088	$	57,260	$	90,835

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)	2023				2022				2021
Tax at statutory rate	$	39,178	21	%	$	34,416	21	%	$	74,271	21	%
State taxes, net of federal benefit	9,240		5	%	14,736		9	%	17,283		5	%
Excess tax benefits related to share-based compensation	(1,767)		(1)	%	(2,792)		(1)	%	(4,095)		(1)	%
Nondeductible compensation	2,106		1	%	2,356		1	%	3,461		1	%
Effect of net (income) loss attributable to noncontrolling interests	(2,299)		(1)	%	(1,435)		(1)	%	(2,637)		(1)	%
Change in valuation allowance	(1,547)		(1)	%	9,596		6	%	1,941		1	%
Other, net	177		—	%	383		—	%	611		—	%
Income tax expense (benefit)	$	45,088	24	%	$	57,260	35	%	$	90,835	26	%

Schedule of Tax Effects of Temporary Differences

The tax effects of temporary differences were as follows: 

	December 31,
(in thousands)	2023		2022
Deferred tax assets:
Intangible assets	$	19,206	$	17,773
Net operating losses	10,754		11,881
Compensation accruals	19,614		16,813
Lease liability	19,009		10,026
Investments	11,643		18,283
Capital losses	6,139		2,197
Other	2,188		94
Gross deferred tax assets	88,553		77,067
Valuation allowance	(16,539)		(19,480)
Gross deferred tax assets after valuation allowance	72,014		57,587
Deferred tax liabilities:
Intangible assets	(26,746)		(24,163)
Right of use asset	(15,677)		(7,672)
Fixed assets	(4,197)		(1,869)
Other investments	(370)		(712)
Gross deferred tax liabilities	(46,990)		(34,416)
Deferred tax assets, net	$	25,024	$	23,171

Schedule of Income Tax Contingencies

Activity in unrecognized tax benefits were as follows:

	Years Ended December 31,
(in thousands)	2023		2022		2021
Balance, beginning of year	$	856	$	1,235	$	1,021
Decrease related to tax positions taken in prior years	(214)		(593)		—
Increase related to positions taken in the current year	214		214		214
Balance, end of year	$	856	$	856	$	1,235