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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2024, 2023 and 2022 consists of the following (dollars in thousands):

		For the Year Ended December 31,
		2024				2023				2022
Current provision
Federal		$	40,947			$	32,792			$	33,166
State and local			10,308				7,903				5,913
Foreign			18				13				-
Total current provision			51,273				40,708				39,079
Deferred provision (benefit)
Federal			3,375				2,640				(3,767	)
State and local			(798	)			1,121				3,090
Total deferred provision (benefit)			2,577				3,761				(677	)
Total provision for income taxes		$	53,850			$	44,469			$	38,402

Schedule of Reconciliation of the Statutory U.S. Federal Income Tax Rate to Effective Income Tax Rate

A reconciliation of the statutory U.S. federal income tax rate to our effective income tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:

		For the Year Ended December 31,
		2024				2023				2022
Statutory U.S. federal income tax rate			21.0		%		21.0		%		21.0		%
State and local income taxes			3.2				2.9				2.7
Stock-based compensation			(0.4	)			(0.1	)			0.6
Capital loss			-				-				2.3
Valuation allowance			-				(0.1	)			(0.6	)
Worthless stock deduction			-				(2.4	)			-
Tax credits			(0.3	)			(0.4	)			(0.3	)
Other			3.2				2.2				2.9
Effective income tax rate			26.7		%		23.1		%		28.6		%

Schedule of Reconciliation of the Beginning and Ending Amount of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits as of December 31, 2024, 2023 and 2022 is as follows (dollars in thousands):

		2024				2023				2022
Gross unrecognized tax benefits, beginning of the year		$	25,686			$	24,658			$	15,951
Additions for tax positions of prior years			-				16				4,290
Additions for tax positions related to the current year			7,641				7,325				5,584
Reductions for tax positions of prior years			(1,127	)			(5,083	)			-
Reductions due to lapse of applicable statute of limitations			(1,920	)			(1,230	)			(1,167	)
Subtotal			30,280				25,686				24,658
Interest and penalties			4,424				3,257				2,451
Total gross unrecognized tax benefits, end of the year		$	34,704			$	28,943			$	27,109

Schedule of Components of Deferred Income Tax Assets and Liabilities

Components of deferred income tax assets and liabilities as of December 31, 2024 and 2023 are as follows (dollars in thousands):

		December 31,
		2024				2023
Deferred income tax assets:
Accrued occupancy		$	18,419			$	6,635
Compensation and employee benefits			6,754				6,921
Tax net operating loss carry forwards			17,161				16,446
Valuation allowance			(10,861	)			(13,003	)
Allowance for doubtful accounts			7,775				6,227
Accrued settlements and legal			179				462
Accrued severance			614				1,095
Equity method for investments			1,180				873
Equity method for investments valuation allowance			(1,180	)			(873	)
Available for sale short-term investments			-				146
Available for sale short-term investments valuation allowance			-				(146	)
Capitalized research and development			4,908				5,189
Interest expense disallowance carry forward			4,299				-
Depreciation			4,081				1,262
Amortization			33,148				-
Other			1,676				1,846
Total deferred income tax assets			88,153				33,080
Deferred income tax liabilities:
Amortization			-				1,710
Right of use asset, net			16,041				4,564
Available for sale short-term investments			80				-
Other			3,258				3,002
Total deferred income tax liabilities			19,379				9,276
Net deferred income tax assets		$	68,774			$	23,804

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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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