FEDERAL AND STATE INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

FEDERAL AND STATE INCOME TAXES

Schedule of Deferred Tax Assets and Liabilities

	Year Ended December 31,
	2021		2020
Deferred tax assets:	(in thousands)
Operating lease liabilities	$	5,861	$	7,170
Accrued expenses not deductible until paid		5,479		6,105
Finance lease obligations		1,214		794
Goodwill and intangible assets		1,093		1,264
Equity incentive compensation		280		204
Revenue recognition		245		238
Net operating loss carry forwards		164		298
Allowance for doubtful accounts		228		225
Other		—		5
Total deferred tax assets	$	14,564	$	16,303
Deferred tax liabilities:
Tax over book depreciation	$	(28,577)	$	(30,315)
Operating leases - right of use assets		(5,755)		(7,075)
Prepaid expenses deductible when paid		(2,146)		(2,327)
Other		—		—
Total deferred tax liabilities		(36,478)		(39,717)
Net deferred tax liabilities	$	(21,914)	$	(23,414)

Schedule of Components of Income Tax Expense (Benefit)

	Year Ended December 31,
	2021		2020
Current:	(in thousands)
Federal	$	8,251	$	2,410
State		1,537		211
Total current		9,788		2,621
Deferred:
Federal		(1,626)		(765)
State		126		353
Total deferred		(1,500)		(412)
Total income tax expense	$	8,288	$	2,209

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended December 31,
	2021			2020
	(dollars in thousands)
Income tax expense at statutory federal rate	$	6,942		$	1,461
Federal income tax effects of:
State income tax benefit		(323)			(44)
Per diem and other nondeductible meals and entertainment		1			378
Taxes related to prior years		(22)			346
Non-deductible compensation		135			219
Loss carryback rate benefit		—			(628)
Other		(108)			(87)
Federal income tax expense		6,625			1,645
State income tax expense		1,663			564
Total income tax expense	$	8,288		$	2,209
Effective tax rate		25.1	%		31.8	%