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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
Components of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 16,719 | ​ | $ | 15,917 | ​ | $ | 17,572 | ​
State | ​ |  | 1,403 | ​ |  | 1,336 | ​ |  | 1,605 | ​
​ | ​ |  | 18,122 | ​ |  | 17,253 | ​ |  | 19,177 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (2,104) | ​ |  | (7,235) | ​ |  | 33,038 | ​
State | ​ |  | (81) | ​ |  | (1,738) | ​ |  | 1,763 | ​
​ | ​ |  | (2,185) | ​ |  | (8,973) | ​ |  | 34,801 | ​
Income tax expense | ​ | $ | 15,937 | ​ | $ | 8,280 | ​ | $ | 53,978 | ​
Reconciliation from statutory to effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31, | ​
​ |  | 2024 |  | 2023 |  | 2022 | ​
​ | ​ | (in thousands) | ​
Income taxes at statutory rate | ​ | $ | 80,114 | ​ | $ | 135,335 | ​ | $ | 134,849 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Less: Income taxes at statutory rate on Partnership income not subject to income taxes | ​ |  | (61,619) | ​ |  | (119,556) | ​ |  | (113,925) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Increase (decrease) resulting from: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State taxes, net of federal income tax | ​ |  | 1,187 | ​ |  | 864 | ​ |  | 1,492 | ​
Change in valuation allowance of deferred tax assets | ​ |  | — | ​ |  | — | ​ |  | (317) | ​
Deferred taxes related to tax election | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 37,253 | ​
Tax effect of noncontrolling interest income not subject to income taxes | ​ | ​ | (1,058) | ​ | ​ | (1,361) | ​ | ​ | (5,399) | ​
Return to accrual adjustments | ​ | ​ | (3,018) | ​ | ​ | (7,008) | ​ | ​ | 69 | ​
Other | ​ |  | 331 | ​ |  | 6 | ​ |  | (44) | ​
Income tax expense | ​ | $ | 15,937 | ​ | $ | 8,280 | ​ | $ | 53,978 | ​
Components of deferred taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2024 |  | 2023 |
​ | ​ | (in thousands) | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment | ​ | $ | (33,168) | ​ | $ | (36,453) | ​
Digital assets | ​ | ​ | (4,319) | ​ | ​ | — | ​
Other | ​ | ​ | (1,268) | ​ | ​ | — | ​
Total deferred tax liabilities | ​ | ​ | (38,755) | ​ | ​ | (36,453) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal loss carryovers and credits | ​ | ​ | 9,016 | ​ | ​ | 4,508 | ​
State loss carryovers and credits | ​ | ​ | 3,122 | ​ | ​ | 2,126 | ​
Capitalized research and development | ​ | ​ | 2,646 | ​ | ​ | 2,567 | ​
Other | ​ |  | 2 | ​ |  | 1,098 | ​
Total deferred tax assets | ​ | ​ | 14,786 | ​ | ​ | 10,299 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Overall net deferred tax liabilities | ​ | $ | (23,969) | ​ | $ | (26,154) | ​

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