Federal and State Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):


	Year Ended December 31,
Deferred tax assets:	2018		2017
Accrued expenses not deductible until paid	$	7,017	$	6,062
Goodwill and intangible assets	1,353		—
Equity incentive plan	286		178
Net operating loss carry forwards	245		496
Allowance for doubtful accounts	207		246
Revenue recognition	118		110
Other	11		124
Total deferred tax assets	$	9,237	7,216

Deferred tax liabilities:
Tax over book depreciation	$	(31,009)	$	(26,806)
Prepaid expenses deductible when paid	(1,654)		(1,514)
Capital leases	(92)		(32)
Total deferred tax liabilities	(32,755)		(28,352)
Net deferred tax liabilities	$	(23,518)	$	(21,136)

Schedule of Components of Income Tax Expense (Benefit)

Significant components of the provision (benefit) for income taxes are as follows (in thousands):


	Year Ended December 31,
Current:	2018		2017		2016
Federal	$	1,263	$	2,689	$	(3,420)
State	729		190		(44)
Total current	1,992		2,879		(3,464)
Deferred:
Federal	2,375		(16,812)		439
State	7		173		(494)
Total deferred	2,382		(16,639)		(55)
Total income tax expense (benefit)	$	4,374	$	(13,760)	$	(3,519)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the effective income tax rate and the statutory federal income tax rate of 21% for 2018 and 35% for 2016 and 2017 is as follows (in thousands):


	Year Ended December 31,
	2018			2017			2016
Income tax expense (benefit) at statutory federal rate	$	3,481		$	(2,190)		$	(3,926)
Federal income tax effects of:
State income tax (benefit) expense	(155)			76			188
Per diem and other nondeductible meals and entertainment	329			578			614
Impact of Tax Cuts and Jobs Act	—			(12,010)			—
Other	(19)			—			143
Federal income tax expense (benefit)	3,636			(13,546)			(2,981)
State income tax expense (benefit)	738			(214)			(538)
Total income tax expense (benefit)	$	4,374		$	(13,760)		$	(3,519)

Effective tax rate	26.4		%	219.9		%	31.4		%