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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of components of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021			2020			2019
Current:		​			​			​
Federal	​	$	59,450	​	$	63,932	​	$	57,354
State	​		5,822	​		8,875	​		(1,344)
​	​		65,272	​		72,807	​		56,010
Deferred:	​			​			​
Federal	​		5,050	​		2,842	​		2,804
State	​		623	​		295	​		(487)
​	​		5,673	​		3,137	​		2,317
Tax expense recorded as an increase of paid-in capital	​		—	​		—	​		—
​	​	$	70,945	​	$	75,944	​	$	58,327

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2021		2020		2019
Statutory U.S. federal income tax rate		21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit		2.4		2.4		2.4	​
State tax credits, net of federal effect		(1.2)		(1.2)		(1.0)	​
Excess tax benefits		(1.3)		(0.4)		(2.3)	​
Nondeductible expenses		0.1		—		0.1	​
Other		0.4		1.0		(1.8)	​
Effective income tax rate		21.4	%	22.8	%	18.4	%

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred income tax assets and liabilities, included in Deferred income taxes, non-current on the consolidated balance sheets are as follows:

​	​	​	​	​	​	​
​		As of December 31,			As of December 31,
​		2021			2020
Deferred tax assets:		​			​
Share-based compensation	​	$	2,422	​	$	2,535
Employee compensation	​		802	​		832
Allowance for credit losses	​		—	​		1,200
Intangibles	​		17,598	​		20,633
State taxes	​		3,508	​		2,787
Other	​		1,046	​		964
Deferred tax assets	​		25,376	​		28,951
​	​	​	​	​	​	​
Deferred tax liability:	​			​
Property and equipment	​		(14,905)	​		(12,764)
Goodwill	​		(36,295)	​		(36,295)
Other	​		(138)	​		(180)
Deferred tax liability	​		(51,338)	​		(49,239)
Net deferred tax liability	​	$	(25,962)	​	$	(20,288)

​

The net deferred tax liability on the accompanying consolidated balance sheet is comprised of the following:

​	​	​	​	​	​	​
​		As of December 31,			As of December 31,
​		2021			2020
Deferred income taxes, current	​	$	4,172	​	$	4,639
Deferred income taxes, non-current	​		(30,134)	​		(24,927)
Net deferred tax liability	​	$	(25,962)	​	$	(20,288)

Reconciliation of the beginning and ending balance of unrecognized tax benefits

​

​	​	​	​	​	​	​
​		2021			2020
Unrecognized tax benefits, beginning of year	​	$	11,318	​	$	6,773
Tax positions taken during the current year	​			​
Increases	​		3,973	​		4,521
Decreases	​		—	​		—
Tax positions taken during a prior year	​			​
Increases	​		262	​		962
Decreases	​		(1,064)	​		—
Decreases for settlements during the period	​		(74)	​		(235)
Reductions for lapses of applicable statute of limitations	​		(307)	​		(703)
Unrecognized tax benefits, end of year	​	$	14,108	​	$	11,318

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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 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.

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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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