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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate | The following is a reconciliation of our effective tax rate to the federal statutory tax rate:
| Years Ended December 31, |  |
| 2024 |  |  | 2023 |  |  | 2022 |  |
U.S. federal statutory rate |  | 21.0 |  | % |  | 21.0 |  | % |  | 21.0 |  | %
State taxes, net of federal benefit |  | 1.9 |  |  |  | 0.3 |  |  |  | 3.4 |  |
Federal and state incentives |  | (1.1 | ) |  |  | (1.7 | ) |  |  | (0.8 | ) |
Unrecognized tax benefits |  | (1.2 | ) |  |  | (0.2 | ) |  |  | 0.8 |  |
Valuation allowance for deferred taxes |  | 1.3 |  |  |  | (0.1 | ) |  |  | (0.7 | ) |
State law changes |  | 0.1 |  |  |  | 0.1 |  |  |  | (0.2 | ) |
Benefit of stock-based compensation |  | (1.3 | ) |  |  | (0.6 | ) |  |  | (0.4 | ) |
Nondeductible executive compensation |  | 1.6 |  |  |  | 1.2 |  |  |  | 0.7 |  |
Other |  | (0.8 | ) |  |  | (0.1 | ) |  |  | (0.1 | ) |
Net effective rate |  | 21.5 |  | % |  | 19.9 |  | % |  | 23.7 |  | %
Summary of Provision for Income Taxes | The following is a summary of our provision for income taxes (in thousands):
| Years Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |
Federal | $ | 39,685 |  |  | $ | 34,951 |  |  | $ | 85,831 |
State and local |  | (749 | ) |  |  | (1,191 | ) |  |  | 25,162 |
Foreign |  | 46 |  |  |  | 55 |  |  |  | 32 |
|  | 38,982 |  |  |  | 33,815 |  |  |  | 111,025 |
Deferred |  |  |  |  |  |  |  |
Federal |  | (13,385 | ) |  |  | 8,305 |  |  |  | 7,366 |
State and local |  | 3,041 |  |  |  | (432 | ) |  |  | (7,388 | )
Foreign |  | (135 | ) |  |  | (12 | ) |  |  | 7 |
|  | (10,479 | ) |  |  | 7,861 |  |  |  | (15 | )
Total provision | $ | 28,503 |  |  | $ | 41,676 |  |  | $ | 111,010 |
Summary of Deferred Tax Assets and Liabilities | The following is a summary of our deferred tax assets and liabilities (in thousands):
| December 31, |
| 2024 |  |  | 2023 |
Accrued compensation |  | 11,860 |  |  |  | 9,884 |
Claims reserves |  | 10,671 |  |  |  | 10,875 |
Capitalized research and development expenses |  | 8,517 |  |  |  | 4,823 |
Other reserves |  | 12,489 |  |  |  | 16,362 |
Tax credit carryforwards |  | 4,461 |  |  |  | 6,533 |
Operating loss carryforwards |  | 139 |  |  |  | 151 |
Lease accounting liability |  | 63,639 |  |  |  | 44,440 |
Total gross deferred income taxes |  | 111,776 |  |  |  | 93,068 |
Valuation allowances |  | (2,921 | ) |  |  | (1,174 | )
Total deferred tax assets |  | 108,855 |  |  |  | 91,894 |
Prepaids |  | (5,901 | ) |  |  | (6,444 | )
Property and equipment |  | (139,077 | ) |  |  | (153,790 | )
Intangibles |  | (55,386 | ) |  |  | (53,759 | )
Lease right-of-use asset |  | (61,404 | ) |  |  | (41,668 | )
Total deferred tax liabilities |  | (261,768 | ) |  |  | (255,661 | )
Net deferred tax liability | $ | (152,913 | ) |  | $ | (163,767 | )
Unrecognized Tax Benefits |
| 2024 |  |  | 2023 |
Gross unrecognized tax benefits - beginning of the year | $ | 12,859 |  |  | $ | 11,116 |
Gross decreases related to prior year tax positions |  | (4,232 | ) |  |  | - |
Gross increases related to prior year tax positions |  | - |  |  |  | 761 |
Gross increases related to current year tax positions |  | 1,378 |  |  |  | 1,460 |
Decreases related to settlements with tax authorities |  | (788 | ) |  |  | - |
Lapse of applicable statute of limitations |  | (123 | ) |  |  | (478 | )
Gross unrecognized tax benefits - end of year | $ | 9,094 |  |  | $ | 12,859 |

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