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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Provision for Income Taxes | The provision for income taxes consists of the following:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Current | $ | 37,489 |  |  | $ | 6,755 |  |  | $ | 9,939 |
Deferred | (13,332) |  |  | 3,669 |  |  | 13,027 |
Income tax provision | $ | 24,157 |  |  | $ | 10,424 |  |  | $ | 22,966 |
Federal Statutory Income Tax Rate Reconciliation | The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of Federal benefit | 4.1 | % |  | 1.8 | % |  | 5.3 | %
Change in valuation allowance | — | % |  | 1.0 | % |  | — | %
Excess tax benefits related to share-based compensation (Note 14) | (2.4) | % |  | (7.8) | % |  | (3.2) | %
Return to provision | (0.3) | % |  | — | % |  | 0.1 | %
Research and development tax credits | (2.1) | % |  | (1.1) | % |  | (0.9) | %
Other | (0.9) | % |  | 0.2 | % |  | 0.2 | %
Effective tax rate | 19.4 | % |  | 15.1 | % |  | 22.5 | %
Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows:
| December 31,
| 2022 |  | 2021
| (in thousands)
Deferred income tax assets (liabilities): |  |
Allowance for credit losses and inventory reserves | $ | 1,337 |  |  | $ | 625 |
Warranty accrual | 4,184 |  |  | 3,675 |
Other accruals | 4,814 |  |  | 1,406 |
Share-based compensation | 7,440 |  |  | 7,568 |
Research & development expenses | 11,265 |  |  | — |
Oklahoma investment credit carryforward | 3,115 |  |  | 3,404 |
Other, net | 2,339 |  |  | 4,112 |
| 34,494 |  |  | 20,790 |
Valuation allowance | (3,115) |  |  | (3,404) |
Net deferred income tax assets | 31,379 |  |  | 17,386 |
Property & equipment | (50,040) |  |  | (49,379) |
Total deferred income tax liabilities | (50,040) |  |  | (49,379) |
Net deferred income tax liabilities | $ | (18,661) |  |  | $ | (31,993) |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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