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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of income tax expense (benefit)

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024			2023			2022
Current:		​			​			​
Federal	​	$	60,294	​	$	54,097	​	$	50,194
State	​		5,009	​		39	​		5,017
​	​		65,303	​		54,136	​		55,211
Deferred:	​			​			​
Federal	​		(476)	​		229	​		(578)
State	​		254	​		325	​		811
​	​		(222)	​		554	​		233
Tax expense recorded as an increase of paid-in capital	​		—	​		—	​		—
​	​	$	65,081	​	$	54,690	​	$	55,444

Schedule of effective income tax rate reconciliation

​

​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​		2024		2023		2022
Statutory U.S. federal income tax rate		21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit		2.8		2.8		2.8	​
State tax credits, net of federal effect		(1.2)		(1.0)		(1.6)	​
Excess tax benefits		(0.5)		(0.3)		(0.1)	​
Nondeductible expenses		0.4		0.3		0.2	​
Other		(0.2)		(1.7)		0.8	​
Effective income tax rate		22.3	%	21.1	%	23.1	%

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,
​		2024			2023
Deferred tax assets:		​			​
Share-based compensation	​	$	2,911	​	$	2,850
Employee compensation	​		1,459	​		1,262
Intangibles	​		8,532	​		11,696
Leases	​	​	2,598	​	​	1,780
State taxes	​		4,197	​		3,641
Other	​		171	​		329
Deferred tax assets	​		19,868	​		21,558
​	​	​	​	​	​	​
Deferred tax liability:	​			​
Property and equipment	​		(9,337)	​		(11,256)
Goodwill	​		(37,051)	​		(37,051)
Other	​		(7)	​		—
Deferred tax liability	​		(46,395)	​		(48,307)
Net deferred tax liability	​	$	(26,527)	​	$	(26,749)

​

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

​	​	​	​	​	​	​
​		As of December 31,			As of December 31,
​		2024			2023
Deferred income taxes, current	​	$	5,827	​	$	5,118
Deferred income taxes, non-current	​		(32,354)	​		(31,867)
Net deferred tax liability	​	$	(26,527)	​	$	(26,749)

Reconciliation of the beginning and ending balance of unrecognized tax benefits

​

​	​	​	​	​	​	​
​		2024			2023
Unrecognized tax benefits, beginning of year	​	$	13,631	​	$	15,862
Tax positions taken during the current year	​			​
Increases	​		3,407	​		2,891
Decreases	​		—	​		—
Tax positions taken during a prior year	​			​
Increases	​		2,465	​		392
Decreases	​		(1,550)	​		(1,810)
Decreases for settlements during the period	​		—	​		(384)
Reductions for lapses of applicable statute of limitations	​		(3,327)	​		(3,320)
Unrecognized tax benefits, end of year	​	$	14,626	​	$	13,631

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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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