TAXES (Tables)

12 Months Ended

Dec. 31, 2023

TAXES

Schedule of income tax provision (benefit)

The Company’s income tax provision (benefit) consists of the following (in thousands):

	Years ended December 31,
	2023		2022		2021
Federal	$	23,312	$	16,379	$	10,091
State		2,699		1,765		265
Current tax provision		26,011		18,144		10,356
Federal		(21)		3,009		4,836
State		89		390		1,691
Deferred tax provision		68		3,399		6,527
Total tax provision	$	26,079	$	21,543	$	16,883

Schedule of income tax provision differences to federal statutory rate

	Years ended December 31,
	2023		2022		2021
Federal tax at the statutory rate	21.00	%	21.00	%	21.00	%
State tax (net of federal benefit)	1.96	%	1.58	%	1.47	%
Permanent items	1.85	%	1.47	%	0.38	%
Tax credits	(0.35)	%	(0.36)	%	(0.25)	%
Excess tax benefits on stock-based compensation	(0.41)	%	(4.31)	%	(3.14)	%
Change in Tax Rate and Apportionment	0.02	%	(0.02)	%	0.34	%
Other	(0.04)	%	0.40	%	(0.02)	%
	24.03	%	19.76	%	19.78	%

Schedule of components of the deferred income tax assets and liabilities

The components of the deferred income tax assets and liabilities at December 31, 2023 and 2022, as presented in the consolidated balance sheets, are as follows (in thousands):

	2023		2022
DEFERRED TAX ASSETS
Stock-based compensation	$	3,489	$	2,613
Compensation and benefits		761		817
Accrued expenses		701		472
Right of use lease liability		3,513		3,247
Federal deduction on state taxes		429		410
Bad debt reserves		17		13
Other reserves		95		67
NOLs & credit carry-forwards		498		636
Deferred income tax asset	$	9,503	$	8,275
DEFERRED TAX LIABILITIES
Prepaid expenses	$	(1,907)	$	(1,811)
Fixed assets and depreciation		(27,103)		(26,173)
Right of use asset		(3,490)		(3,249)
Base stock		(87)		(58)
Deferred income tax liability	$	(32,587)	$	(31,291)
NET DEFERRED INCOME TAX LIABILITY	$	(23,084)	$	(23,016)