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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of provision for income taxes relating to continuing operations

Our provision for income taxes relating to continuing operations consists of the following (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019			2018
Current tax provision—	​	​	​	​	​	​	​	​	​	​
Federal	​	$	36,556	​	$	33,281	​	$	22,728	​
State and Puerto Rico	​		12,798	​		8,388	​		8,589	​
Total current	​		49,354	​		41,669	​		31,317	​
Deferred tax provision (benefit)—	​	​	​	​	​	​	​	​	​	​
Federal	​		(5,483)	​		(3,750)	​		4,347	​
State and Puerto Rico	​		(2,470)	​		(501)	​		109	​
Total deferred	​		(7,953)	​		(4,251)	​		4,456	​
Provision for income taxes	​	$	41,401	​	$	37,418	​	$	35,773	​

​

Schedule of difference in income taxes provided for and the amounts determined by applying the federal statutory tax rate to income before income taxes results

The provision for income taxes for the years ended December 31, 2020, 2019 and 2018 resulted in effective tax rates on continuing operations of 21.6%, 24.7% and 24.1%, respectively. The reasons for the differences between these effective tax rates and the federal statutory rates are as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019			2018
Federal statutory rate of—	​	​	21	%	​	21	%	​	21	%
Income taxes at the federal statutory rate	​	$	40,223	​	$	31,866	​	$	31,222	​
Increases (decreases) resulting from—	​	​	​	​	​	​	​	​	​	​
Net state income taxes	​		8,406	​		6,644	​		7,470	​
Valuation allowances	​		(254)	​		(279)	​		(2,852)	​
Net unrecognized tax benefits	​		18,557	​		7,338	​		(15)	​
Nondeductible expenses	​		2,470	​		2,180	​		1,926	​
R&D tax credit	​		(26,133)	​		(4,569)	​		(2,726)	​
179D deduction	​	​	(1,062)	​	​	(5,126)	​	​	—	​
Net operating loss carryforwards	​	​	—	​	​	—	​	​	2,225	​
Stock-based compensation deductions	​	​	(426)	​	​	(714)	​	​	(1,293)	​
Other	​		(380)	​		78	​		(184)	​
Provision for income taxes	​	$	41,401	​	$	37,418	​	$	35,773	​

Schedule of significant components of the net deferred tax assets and net deferred tax liabilities as reflected on the balance sheet

Significant components of the deferred tax assets and deferred tax liabilities as reflected on the balance sheets are as follows (in thousands):

​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2020			2019
Deferred tax assets—	​	​	​	​	​	​	​
Accounts receivable and allowance for credit losses	​	$	2,186	​	$	1,660	​
Stock-based compensation	​		2,791	​		2,561	​
Accrued liabilities and expenses	​		39,761	​		25,569	​
Lease liabilities	​	​	22,768	​	​	20,873	​
Net operating loss carryforwards	​		12,127	​		2,750	​
Intangible assets	​	​	—	​	​	7,988	​
Other	​		627	​		525	​
Subtotal	​		80,260	​		61,926	​
Valuation allowances	​		(514)	​		(369)	​
Total deferred tax assets	​	​	79,746	​	​	61,557	​
Deferred tax liabilities—	​	​	​	​	​	​	​
Property and equipment	​		(13,877)	​		(11,286)	​
Lease right-of-use asset	​	​	(22,715)	​	​	(20,873)	​
Long-term contracts	​		(609)	​		(876)	​
Intangible assets	​	​	(242)	​	​	—	​
Goodwill	​		(11,615)	​		(6,020)	​
Other	​		(2,626)	​		(2,004)	​
Total deferred tax liabilities	​		(51,684)	​		(41,059)	​
Net deferred tax assets	​	$	28,062	​	$	20,498	​

Schedule of deferred income tax assets and liabilities included in the consolidated balance sheets

The deferred tax assets and liabilities reflected above are included in the consolidated balance sheets as follows (in thousands):

​	​	​	​	​	​	​	​
​	​	December 31,
​		2020			2019
Deferred tax assets	​	$	29,401	​	$	21,923	​
Deferred tax liabilities	​	$	1,339	​	$	1,425	​

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties, is as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2020			2019			2018
Balance at beginning of year	​	$	10,199	​	$	2,966	​	$	8,929	​
Additions based on tax positions related to current year	​		—	​		—	​		—	​
Additions based on tax positions related to prior years	​		26,858	​		7,473	​		2,726	​
Reductions for tax positions related to prior years	​		—	​		(240)	​		(8,689)	​
Reductions for settlements with tax authorities	​		(8,301)	​		—	​		—	​
Balance at end of year	​	$	28,756	​	$	10,199	​	$	2,966	​

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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