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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 is summarized as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 70,144 |  |  | $ | 73,092 |  |  | $ | 56,717 |
State | 16,857 |  |  | 17,301 |  |  | 14,216 |
| $ | 87,001 |  |  | $ | 90,393 |  |  | $ | 70,933 |
Deferred: |  |  |  |  |
Federal | 582 |  |  | (22,280) |  |  | (5,158) |
State | 53 |  |  | (5,201) |  |  | (1,338) |
| $ | 635 |  |  | $ | (27,481) |  |  | $ | (6,496) |
TOTAL | $ | 87,636 |  |  | $ | 62,912 |  |  | $ | 64,437 |
A reconciliation of the federal statutory rate to the effective tax rate for net income for the years ended December 31, 2024, 2023 and 2022, respectively, is comprised as follows:
| December 31,
| 2024 |  | 2023 |  | 2022
Income tax expense at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes - net of federal benefit | 3.5 |  |  | 3.5 |  |  | 3.5 |
Non-deductible expenses | 1.8 |  |  | 3.4 |  |  | 2.0 |
Equity compensation | (3.3) |  |  | (4.2) |  |  | (3.6) |
Other adjustments | (0.3) |  |  | (0.6) |  |  | (0.6) |
TOTAL INCOME TAX PROVISION | 22.7 | % |  | 23.1 | % |  | 22.3 | %
The Company's effective tax rate was 22.7% for the year ended December 31, 2024, compared to 23.1% for the same period in 2023 and 22.3% in 2022. The lower effective tax rate is due to lower non-deductible expenses included but not limited to tax benefits from stock based compensation. The Company's deferred tax assets and liabilities as of December 31, 2024 and 2023 are summarized below.
| December 31,
| 2024 |  | 2023
Deferred tax assets (liabilities): |  |  |
Accrued expenses | $ | 76,419 |  |  | $ | 81,502 |
Revenue related reserves | 27,023 |  |  | 23,714 |
Tax credits | 597 |  |  | 1,192 |
Insurance | 24,817 |  |  | 16,864 |
Lease liability | 470,313 |  |  | 444,590 |
| $ | 599,169 |  |  | $ | 567,862 |
Valuation allowance | (93) |  |  | (789) |
TOTAL DEFERRED TAX ASSETS | $ | 599,076 |  |  | $ | 567,073 |
State taxes | (197) |  |  | (280) |
Depreciation and amortization | (57,253) |  |  | (52,334) |
Prepaid expenses | (6,390) |  |  | (4,113) |
Right-of-use asset | (468,955) |  |  | (443,222) |
TOTAL DEFERRED TAX LIABILITIES | $ | (532,795) |  |  | $ | (499,949) |
NET DEFERRED TAX ASSETS | $ | 66,281 |  |  | $ | 67,124 |
The Company had state credit carryforwards as of December 31, 2024 and 2023 of $597 and $1,192, respectively. These carryforwards almost entirely relate to state limitations on the application of Enterprise Zone employment-related tax credits. Unless the Company uses the Enterprise Zone credits beforehand, the carryforward began to expire in 2023. The remainder of these carryforwards relate to credits against the Texas margin tax and is expected to carryforward until 2027. As of December 31, 2024 and 2023, the valuation allowance of $93 and $789, respectively, was primarily recorded against the Enterprise Zone credits as the Company believes it is more likely than not that some of the benefit of the credits will not be realized. The Company's operating loss carry forwards for states were not material during the years ended December 31, 2024 and 2023. As of December 31, 2024, 2023 and 2022, the Company did not have any unrecognized tax benefits, net of its state benefits that would affect the Company's effective tax rate. The Company classifies interest and/or penalties on income tax liabilities or refunds as additional income tax expense or income. Such amounts are not material. The federal statutes of limitations on the Company's 2020, 2019, and 2018 income tax years lapsed during the third quarter of 2024, 2023, and 2022, respectively. During the fourth quarter of each year, various state statutes of limitations also lapsed. The lapses during the years ended December 31, 2024 and 2023 had no impact on the Company's unrecognized tax benefits.

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