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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES |
13. | INCOME TAXES
Provision for Income Taxes The Company and its subsidiaries are based in the U.S. and file federal and various state income tax returns. The components of the provision for income taxes were as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current tax expense | $ | 54,841 |  |  | $ | 33,024 |  |  | $ | 9,221 |
Deferred tax expense | 32,519 |  |  | 14,746 |  |  | 32,486 |
Income tax expense | $ | 87,360 |  |  | $ | 47,770 |  |  | $ | 41,707 |
Effective Tax Rate The items comprising the difference between income taxes computed at the U.S. federal statutory rates in effect for 2024, 2023 and 2022 and our effective tax rates were as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| Amount |  | % |  | Amount |  | % |  | Amount |  | %
Tax expense at the U.S. federal statutory rate | $ | 75,238 |  |  | 21.0 | % |  | $ | 40,029 |  |  | 21.0 | % |  | $ | 29,435 |  |  | 21.0 | %
State income taxes, net of federal benefits | 13,927 |  |  | 3.9 | % |  | 8,374 |  |  | 4.4 | % |  | 11,064 |  |  | 7.9 | %
Taxes on subsidiaries’ and joint ventures’ earnings allocated to noncontrolling interests owners | (2,826) |  |  | (0.8) | % |  | (880) |  |  | (0.5) | % |  | (366) |  |  | (0.3) | %
Executive compensation including stock incentives | 3,579 |  |  | 1.0 | % |  | 1,652 |  |  | 0.9 | % |  | 1,717 |  |  | 1.2 | %
Excess tax benefits from equity awards | (5,678) |  |  | (1.6) | % |  | (1,644) |  |  | (0.9) | % |  | (351) |  |  | (0.3) | %
Gain on deconsolidation of subsidiary | 1,905 |  |  | 0.5 | % |  | — |  |  | — | % |  | — |  |  | — | %
Other permanent differences | 1,215 |  |  | 0.3 | % |  | 239 |  |  | 0.1 | % |  | 208 |  |  | 0.1 | %
Income tax expense | $ | 87,360 |  |  | 24.4 | % |  | $ | 47,770 |  |  | 25.1 | % |  | $ | 41,707 |  |  | 29.8 | %
The 2024, 2023 and 2022 effective income tax rate varied from the statutory rate primarily as a result of state income taxes, nondeductible compensation, gain on the deconsolidation of subsidiary and other permanent differences. Deferred Tax Assets and Liabilities The components of deferred tax assets and liabilities were as follows:
| Long Term
| As of December 31,
Assets related to: | 2024 |  | 2023
Accrued compensation and other | $ | 4,155 |  |  | $ | 3,780 |
Noncontrolling interests | — |  |  | 3,179 |
Members interest liabilities | — |  |  | 4,676 |
Right of use liabilities | 13,091 |  |  | 14,213 |
Net operating loss carryforwards | 957 |  |  | 1,025 |
Total deferred tax assets | 18,203 |  |  | 26,873 |
Liabilities related to: |  |  |
Depreciation of property and equipment | (47,583) |  |  | (49,311) |
Right of use assets | (13,027) |  |  | (14,189) |
Amortization of tax basis goodwill | (20,351) |  |  | (20,256) |
Investment in unconsolidated subsidiary | (25,903) |  |  | — |
Amortization of intangibles | (20,518) |  |  | (18,929) |
Other | (181) |  |  | (952) |
Total deferred tax liabilities | (127,563) |  |  | (103,637) |
Net total deferred tax liability | $ | (109,360) |  |  | $ | (76,764) |
Net Operating Loss—At December 31, 2024 the Company had federal and state net operating loss (“NOL”) carryforwards of $255 and $13,050, respectively. Federal NOLs have expiration dates between 2034 and 2036. The Company has $28 of federal NOLs that do not expire. State NOLs have expiration dates between 2028 and 2038. Uncertain Tax Positions The Company's U.S. federal and state income tax returns for 2021 and later are open and subject to examination. Additionally, federal and state NOLs may be adjusted by the taxing authorities for the 2013 and later tax years. The Company has an Uncertain Tax Position (“UTP”) liability of $6,733 and an additional liability related to the UTP for penalties of $1,346 and interest of $1,109 at December 31, 2024. We recognize interest and penalties related to the UTP as administrative expense. The UTP, including penalties and interest, are fully offset by an indemnification receivable at December 31, 2024. The Company estimates that approximately $1,519 of the recorded UTP may be recognized by the end of 2025, with no material impact to the Consolidated Statement of Operations due to the associated indemnification receivable. As of December 31, 2022, the Company did not have any material UTP’s.

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