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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | Our provision for income taxes was comprised of the following components:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 20,168 |  |  | $ | 13,881 |  |  | $ | 1,559 |
State | 4,221 |  |  | 4,149 |  |  | 1,890 |
Foreign | 2,103 |  |  | 1,990 |  |  | 1,610 |
Deferred |  |  |  |  |
Federal | (5,425) |  |  | (2,530) |  |  | 4,294 |
State | (390) |  |  | (751) |  |  | (88) |
Foreign | (938) |  |  | (549) |  |  | (321) |
| $ | 19,739 |  |  | $ | 16,190 |  |  | $ | 8,944 |
Schedule of Income Tax Expense Differed from Amounts Computed by applying U.S. Federal Income Tax Rate to Pretax Income | Our income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to pretax income as a result of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |
U.S. state income taxes, net of federal tax effect | 5.1 |  |  | 4.6 |  |  | 4.5 |
Tax impact of stock activity | (5.6) |  |  | (4.7) |  |  | (12.8) |
Nondeductible compensation | 4.7 |  |  | 3.5 |  |  | 5.0 |
Research and development credit | (1.5) |  |  | (1.5) |  |  | (1.1) |
Foreign derived intangible income | (1.3) |  |  | (1.4) |  |  | (1.3) |
Other | 0.7 |  |  | 1.2 |  |  | 1.4 |
Effective tax rate | 23.1 | % |  | 22.7 | % |  | 16.7 | %
Significant Components of Deferred Tax Assets (Liabilities) | The significant components of our deferred income tax assets and liabilities were as follows:
| December 31,
(in thousands) | 2023 |  | 2022
Deferred income tax assets |  |  |
Net operating loss and credit carryforwards | $ | 10,212 |  |  | $ | 9,970 |
Stock-based compensation expense | 6,304 |  |  | 5,084 |
Accrued expenses | 6,067 |  |  | 4,469 |
Operating lease liabilities | 3,470 |  |  | 4,384 |
Research and development capitalized | 17,007 |  |  | 9,591 |
Other deferred income tax assets | 2,705 |  |  | 2,408 |
Gross deferred income tax assets | 45,765 |  |  | 35,906 |
Less: valuation allowance | (2,545) |  |  | (1,873) |
Total net deferred income tax assets | $ | 43,220 |  |  | $ | 34,033 |
Deferred income tax liabilities |  |  |
Deferred costs | $ | (20,672) |  |  | $ | (17,696) |
Right-of-use assets | (1,884) |  |  | (2,338) |
Depreciation and amortization | (28,066) |  |  | (20,282) |
Other deferred income tax liabilities | (1,065) |  |  | (909) |
Total deferred income tax liabilities | (51,687) |  |  | (41,225) |
Net deferred income tax liabilities | $ | (8,467) |  |  | $ | (7,192) |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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