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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 13 – Income Taxes The provision for income taxes is comprised of the following components (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current tax provision |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,900 |  |  | $ | 14,520 |  |  | $ | 717 |
State |  |  | 3,490 |  |  |  | 3,137 |  |  |  | 251 |
Total current tax provision |  |  | 16,390 |  |  |  | 17,657 |  |  |  | 968 |
Deferred tax provision |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 13,841 |  |  |  | 4,142 |  |  |  | 4,595 |
State |  |  | 4,091 |  |  |  | 1,651 |  |  |  | 1,691 |
Total deferred tax provision |  |  | 17,932 |  |  |  | 5,793 |  |  |  | 6,286 |
Income tax provision |  | $ | 34,322 |  |  | $ | 23,450 |  |  | $ | 7,254 |
The deferred tax assets and liabilities, consisting of temporary differences tax effected at the respective income tax rates, are as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued risk reserves |  | $ | 2,012 |  |  | $ | 1,898 |
Accrued expenses |  |  | 7,695 |  |  |  | 7,346 |
Tax basis in excess of book basis of fixed assets |  |  | – |  |  |  | 5,653 |
Stock based compensation |  |  | 1,181 |  |  |  | 931 |
Deferred revenue |  |  | 3,154 |  |  |  | 4,987 |
Operating lease liabilities |  |  | 19,896 |  |  |  | 23,658 |
Other |  |  | 847 |  |  |  | 567 |
Total gross deferred tax assets |  |  | 34,785 |  |  |  | 45,050 |
Less: valuation allowance |  |  | (517 | ) |  |  | (594 | )
Deferred tax assets less valuation allowance |  | $ | 34,268 |  |  | $ | 44,446 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Unrealized gains on marketable securities |  | $ | (28,581 | ) |  | $ | (19,971 | )
Deferred gain on sale of assets, net |  |  | (2,055 | ) |  |  | (2,055 | )
Book basis in excess of tax basis of intangible assets |  |  | (5,655 | ) |  |  | (3,387 | )
Book basis in excess of tax basis of securities |  |  | (4,042 | ) |  |  | (3,393 | )
Book basis in excess of tax basis of fixed assets |  |  | (6,579 | ) |  |  | – |
Long–term investments |  |  | (2,652 | ) |  |  | (8,753 | )
Operating lease assets |  |  | (20,254 | ) |  |  | (24,087 | )
Total deferred tax liabilities |  | $ | (69,818 | ) |  | $ | (61,646 | )
Net deferred tax liability |  | $ | (35,550 | ) |  | $ | (17,200 | )
A reconciliation of income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Tax provision at federal statutory rate |  | $ | 28,646 |  |  | $ | 18,635 |  |  | $ | 5,719 |
Increase in income taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State, net of federal benefit |  |  | 6,349 |  |  |  | 4,600 |  |  |  | 1,034 |
Unrecognized tax benefits |  |  | 690 |  |  |  | 1,227 |  |  |  | 730 |
Expiration of statute of limitations |  |  | (932 | ) |  |  | (1,491 | ) |  |  | (1,032 | )
Tax (expense) benefit of noncontrolling interest |  |  | (34 | ) |  |  | 317 |  |  |  | 518 |
Other |  |  | (397 | ) |  |  | 162 |  |  |  | 285 |
Total increases |  |  | 5,676 |  |  |  | 4,815 |  |  |  | 1,535 |
Effective income tax expense |  | $ | 34,322 |  |  | $ | 23,450 |  |  | $ | 7,254 |
Our deferred tax assets have been evaluated for realization based on historical taxable income, tax planning strategies, the expected timing of reversals of existing temporary differences and future taxable income anticipated. Our deferred tax assets, with the exception of certain state tax net operating losses and certain deferred tax assets associated with unrealized losses on marketable securities, are more likely than not to be realized in full due to the existence of sufficient taxable income of the appropriate character under the tax law. As such, the only valuation allowance relates to state net operating losses and unrealized losses on marketable securities. Uncertain tax positions may arise where tax laws may allow for alternative interpretations or where the timing of recognition of income is subject to judgment. Under ASC Topic 740, tax positions are evaluated for recognition using a more–likely–than–not threshold, and those tax positions requiring recognition are measured at the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. In accordance with current guidance, the Company has established a liability for unrecognized tax benefits, which are differences between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured. Generally, a liability is created for an unrecognized tax benefit because it represents a company’s potential future obligation to a taxing authority for a tax position that was not recognized per above. We believe that our liabilities reflect the anticipated outcome of known uncertain tax positions in conformity with ASC Topic 740 Income Taxes. Our liabilities for unrecognized tax benefits are presented in the consolidated balance sheets within other noncurrent liabilities. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
|  | Deferred Tax Asset |  |  | Liability For Unrecognized Tax Benefits |  |  | Liability For Interest and Penalties |  |  | Liability Total |
Balance, January 1, 2022 |  | $ | 5,455 |  |  | $ | 8,902 |  |  | $ | 2,290 |  |  | $ | 11,192 |
Additions based on tax positions related to the current year |  |  | 636 |  |  |  | 636 |  |  |  | – |  |  |  | 636 |
Additions (reductions) for tax positions of prior years |  |  | (1,097 | ) |  |  | (273 | ) |  |  | 900 |  |  |  | 627 |
Reductions for statute of limitation expirations |  |  | (240 | ) |  |  | (760 | ) |  |  | (512 | ) |  |  | (1,272 | )
Balance, December 31, 2022 |  |  | 4,754 |  |  |  | 8,505 |  |  |  | 2,678 |  |  |  | 11,183 |
Additions based on tax positions related to the current year |  |  | 1,454 |  |  |  | 1,454 |  |  |  | – |  |  |  | 1,454 |
Additions (reductions) for tax positions of prior years |  |  | (198 | ) |  |  | 324 |  |  |  | 1,583 |  |  |  | 1,907 |
Reductions for statute of limitation expirations |  |  | (361 | ) |  |  | (1,030 | ) |  |  | (823 | ) |  |  | (1,853 | )
Balance, December 31, 2023 |  |  | 5,649 |  |  |  | 9,253 |  |  |  | 3,438 |  |  |  | 12,691 |
Additions based on tax positions related to the current year |  |  | 835 |  |  |  | 835 |  |  |  | – |  |  |  | 835 |
Additions (reductions) for tax positions of prior years |  |  | (1,380 | ) |  |  | (1,097 | ) |  |  | 859 |  |  |  | (238 | )
Reductions for statute of limitation expirations |  |  | (232 | ) |  |  | (592 | ) |  |  | (572 | ) |  |  | (1,164 | )
Balance, December 31, 2024 |  | $ | 4,872 |  |  | $ | 8,399 |  |  | $ | 3,725 |  |  | $ | 12,124 |
Unrecognized tax benefits of $4,150,000, net of federal benefit at December 31, 2024, attributable to permanent differences, would favorably impact our effective tax rate if recognized. We do not expect significant increases or decreases in unrecognized tax benefits for the 2025 year, except for the effect of decreases related to the lapse of statute of limitations estimated at $1,113,000. Interest and penalties expense related to U.S. federal and state income tax returns are included within income tax expense. The Company is no longer subject to U.S. federal and state examinations by tax authorities for years before 2021 (with few state exceptions).

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