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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Taxes |
Schedule of provision for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Current tax provision: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. federal | ​ | $ | — | ​ | $ | — | ​ | $ | —
State | ​ |  | 2,059 | ​ |  | 1,591 | ​ |  | 1,064
Total current | ​ | ​ | 2,059 | ​ | ​ | 1,591 | ​ | ​ | 1,064
Deferred tax provision: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
U.S. federal | ​ | ​ | 53,340 | ​ | ​ | 32,928 | ​ | ​ | 14,320
State | ​ |  | 4,750 | ​ |  | 2,730 | ​ |  | 909
Total deferred | ​ | ​ | 58,090 | ​ | ​ | 35,658 | ​ | ​ | 15,229
Provision for income taxes | ​ | $ | 60,149 | ​ | $ | 37,249 | ​ | $ | 16,293
Reconciliation of effective tax rates to the U.S. statutory rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) | ​ | 2024 |  | 2023 |  | 2022
Income taxes at U.S. federal statutory rate |  | $ | 48,800 |  | $ | 29,872 |  | $ | 12,724
Net state income taxes | ​ |  | 5,397 | ​ |  | 3,614 | ​ |  | 1,795
Tax credits | ​ |  | — | ​ |  | — | ​ |  | (26)
Unrecognized tax benefits (1) | ​ |  | 229 | ​ |  | 118 | ​ |  | 17
Valuation allowances and write off of tax attributes (2) | ​ |  | 285 | ​ |  | 570 | ​ |  | (68)
Executive compensation limitation | ​ |  | 7,146 | ​ |  | 3,470 | ​ |  | 1,901
Stock | ​ |  | (1,569) | ​ |  | (213) | ​ |  | 152
Other | ​ |  | (139) | ​ |  | (182) | ​ |  | (202)
Provision for income taxes | ​ | $ | 60,149 | ​ | $ | 37,249 | ​ | $ | 16,293
(1) | Includes the expiration of statute of limitations. See “Unrecognized Tax Benefits” below for further details.
(2) | See “Tax Attributes and Valuation Allowances” below for further details.
Schedule of deferred income tax balances | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
(in thousands) | ​ | 2024 | ​ | 2023
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss carryforwards | ​ | $ | 143,412 | ​ | $ | 164,972
Interest expense limitation carryforward | ​ |  | 41,555 | ​ |  | 30,343
Basis difference in unconsolidated affiliate | ​ | ​ | 943 | ​ | ​ | 686
Goodwill and intangible assets | ​ | ​ | 40,201 | ​ | ​ | —
Accrued liabilities | ​ |  | 8,351 | ​ |  | 6,704
Other | ​ |  | 12,822 | ​ |  | 12,015
​ | ​ | ​ | 247,284 | ​ | ​ | 214,720
Valuation allowances (1) | ​ |  | (1,462) | ​ |  | (1,177)
Total deferred tax assets | ​ | ​ | 245,822 | ​ | ​ | 213,543
​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ |  |  | ​ |  |
Property, plant and equipment | ​ | ​ | (78,477) | ​ | ​ | (12,125)
Basis difference in partnership | ​ |  | (221,149) | ​ |  | (197,999)
Other | ​ |  | (5,726) | ​ |  | (5,148)
Total deferred tax liabilities | ​ |  | (305,352) | ​ |  | (215,272)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net deferred tax asset (liability) (2) | ​ | $ | (59,530) | ​ | $ | (1,729)
(1) | See “Tax Attributes and Valuation Allowances” below for further details.
(2) | The 2024 and 2023 net deferred tax asset or liability are reflected in our consolidated balance sheets as deferred tax assets of $3.0 million and $3.2 million, respectively, and deferred tax liabilities of $62.5 million and $4.9 million, respectively.
Schedule of changes in valuation allowance | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) | ​ | 2024 |  | 2023 |  | 2022
Balance at beginning of period |  | $ | (1,177) |  | $ | (607) |  | $ | (735)
Additions to valuation allowance | ​ | ​ | (455) | ​ | ​ | (742) | ​ | ​ | (88)
Reductions to valuation allowance | ​ | ​ | 170 | ​ | ​ | 172 | ​ | ​ | 216
Balance at end of period | ​ | $ | (1,462) | ​ | $ | (1,177) | ​ | $ | (607)
Schedule of changes in unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(in thousands) | ​ | 2024 |  | 2023 |  | 2022
Beginning balance |  | $ | 19,465 |  | $ | 19,651 |  | $ | 19,594
Additions based on tax positions related to current year | ​ |  | 2,402 | ​ |  | 1,886 | ​ |  | 2,151
Additions based on tax positions related to prior years | ​ |  | — | ​ |  | — | ​ |  | 6
Reductions based on tax positions related to prior years | ​ |  | (18) | ​ |  | (7) | ​ |  | (105)
Reductions based on lapse of statute of limitations | ​ |  | (2,382) | ​ |  | (2,065) | ​ |  | (1,995)
Ending balance | ​ | $ | 19,467 | ​ | $ | 19,465 | ​ | $ | 19,651

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