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TAXES (Tables)

12 Months Ended

Dec. 31, 2020

TAXES

Schedule of income tax provision (benefit)

The Company’s income tax provision (benefit) consists of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,								​
​		2020			2019			2018
Federal		$	(24,576)		$	6,080		$	8,680	​
State	​		123	​		336	​		518	​
Current tax (benefit) provision	​		(24,453)	​		6,416	​		9,198	​
Federal	​		15,096	​		1,215	​		(659)	​
State	​		677	​		129	​		12	​
Deferred tax provision (benefit)	​		15,773	​		1,344	​		(647)	​
Total tax (benefit) provision		$	(8,680)		$	7,760		$	8,551	​

Schedule of income tax provision differences to federal statutory rate

​

​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,					​	​
​		2020		2019		2018	​	​
Federal tax at the statutory rate		21.00	%	21.00	%	21.00	%	​
State tax (net of federal benefit)		1.11	%	1.00	%	0.99	%	​
Permanent items		3.52	%	0.90	%	0.90	%	​
Tax credits		(2.82)	%	(0.84)	%	(1.08)	%	​
Excess tax benefits on stock-based compensation	​	(17.89)	%	(2.49)	%	(1.94)	%	​
Impact of CARES Act	​	(65.55)	%	—	%	—	%	​
Change in Tax Rate and Apportionment	​	4.31	%	—	%	—	%	​
Tax Cuts and Jobs Act of 2017		—	%	—	%	—	%	​
Other		(1.56)	%	0.04	%	0.19	%	​
​		(57.88)	%	19.61	%	20.06	%	​

Schedule of components of the deferred income tax assets and liabilities

The components of the deferred income tax assets and liabilities at December 31, 2020 and 2019, as presented in the consolidated balance sheets, are as follows (in thousands):

​	​	​	​	​	​	​	​
​		2020			2019
DEFERRED TAX ASSETS	​	​	​	​	​	​	​
Stock-based compensation		$	3,011		$	2,613	​
Compensation and benefits	​		580	​		623	​
Accrued expenses	​		486	​		307	​
Right of use lease liability	​	​	3,425	​	​	3,457	​
Bad debt reserves	​		26	​		—	​
Charitable contribution carry-forwards	​	​	63	​	​	—	​
Base stock	​		—	​		4	​
Other reserves	​	​	33	​	​	5	​
NOLs & credit carry-forwards	​		2,440	​		1,444	​
Deferred income tax asset		$	10,064		$	8,453	​
DEFERRED TAX LIABILITIES	​	​	​	​	​	​	​
Intangibles and amortization	​	$	(86)	​	$	(341)	​
Prepaid expenses	​		(1,234)	​		(1,354)	​
Fixed assets and depreciation	​		(18,136)	​		(519)	​
Right of use asset	​	​	(3,422)	​	​	(3,454)	​
Bad debt reserves	​		—	​		(32)	​
Base stock	​		(249)	​		—	​
Other reserves	​	​	—	​	​	—	​
Federal deduction on deferred state taxes	​		(27)	​		(70)	​
Deferred income tax liability		$	(23,154)		$	(5,770)	​
NET DEFERRED INCOME TAX (LIABILITY) ASSET		$	(13,090)		$	2,683	​

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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