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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Domestic and Foreign Income Taxes

The following table sets forth components of income before income taxes: 

			Year Ended December 31,
			2020						2019						2018
Domestic			$	52,595					$	34,700					$	46,542
Foreign			3,833						1,853						(4,152)
Income before income taxes			$	56,428					$	36,553					$	42,390

Income Tax Provision (Benefit)

The components of the (benefit) provision for income taxes were as follows: 

			Year Ended December 31,
			2020						2019						2018
Current income tax (benefit) provision:
Federal			$	(4,566)					$	109					$	(1,888)
State			1,522						474						1,176
Foreign			298						(1)						30
Total current			(2,746)						582						(682)
Deferred income tax provision (benefit):
Federal			3,655						(4,794)						2,662
State			2,207						202						2,530
Foreign			(3,610)						262						303
Total deferred			2,252						(4,330)						5,495
Total income tax (benefit) provision			$	(494)					$	(3,748)					$	4,813

Deferred Income Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following:

			December 31,
			2020						2019
Deferred income tax assets:
Compensation accruals			$	2,485					$	1,745
Reserves			3,861						2,739
Other			15,621						9,398
Net operating losses			14,435						14,355
Interest rate swaps			2,587						1,604
Energy efficiency			42,046						35,939
Interest limitation			—						5,148
Deferred revenue			1,270						1,635
Gross deferred income tax assets			82,305						72,563
Valuation allowance			(3,877)						(8,583)
Total deferred income tax assets			$	78,428					$	63,980
Deferred income tax liabilities:
Depreciation			$	(66,694)					$	(51,579)
Deferred effect of derivative liability			(284)						(328)
Canadian capital cost, allowance and amortization			(2,195)						(2,919)
United Kingdom goodwill amortization			(732)						(781)
Outside basis difference			(10,886)						(8,488)
Total deferred income tax liabilities			(80,791)						(64,095)
Deferred income tax liabilities, net			$	(2,363)					$	(115)

Summary of Valuation Allowance

Our valuation allowance related to the following items:

			December 31,
			2020						2019
Interest rate swaps (1)			$	106					$	122
Foreign net operating loss (2)			3,479						8,169
State net operating loss at one of our subsidiaries (3)			292						292
Total valuation allowance			$	3,877					$	8,583
(1) The deferred tax asset represents a future capital loss which can only be recognized for income tax purposes to the extent of capital gain income. Although we anticipate sufficient future taxable income, it is more likely than not that it will not be the appropriate character to allow for the recognition of the future capital loss.
(2) It is more likely than not that we will not generate sufficient taxable income at the foreign subsidiary level to utilize the net operating loss.
(3) It is more likely than not that we will not generate sufficient taxable income at the subsidiary level to utilize the net operating loss.

Summary of Operating Loss Carryforwards

As of December 31, 2020, we had the following tax loss and credit carryforwards to offset taxable income in prior and future years:

			Amount						Expiration Period
Federal net operating loss carryforwards			$	22,600					Indefinite
State net operating loss carryforwards			40,536						Various
Canadian net operating loss carryforwards			23,085						2028 through 2040
United Kingdom net operating loss carryforwards			4,605						Indefinite
Spain net operating loss carryforwards			2,638						Indefinite
Total tax loss carryforwards			$	93,464
Federal Energy Investment and Production tax credit carryforward			$	42,046					2030 through 2040

Summary of Tax Credit Carryforwards

As of December 31, 2020, we had the following tax loss and credit carryforwards to offset taxable income in prior and future years:

			Amount						Expiration Period
Federal net operating loss carryforwards			$	22,600					Indefinite
State net operating loss carryforwards			40,536						Various
Canadian net operating loss carryforwards			23,085						2028 through 2040
United Kingdom net operating loss carryforwards			4,605						Indefinite
Spain net operating loss carryforwards			2,638						Indefinite
Total tax loss carryforwards			$	93,464
Federal Energy Investment and Production tax credit carryforward			$	42,046					2030 through 2040

Reconciliation of Effective Tax Rates

The following is a reconciliation of the effective tax rates:

			Year Ended December 31,
			2020						2019						2018
Income before (benefit) provision for income taxes			$	56,428					$	36,553					$	42,390
Federal statutory tax expense			$	11,850					$	7,676					$	8,902
State income taxes, net of federal benefit			2,257						2,140						3,071
Net state impact of deferred rate change			(29)						(53)						174
Non deductible expenses			987						150						982
Impact of reserve for uncertain tax positions			(124)						(925)						879
Stock-based compensation expense			(2,922)						(169)						(441)
Energy efficiency preferences			(8,595)						(12,699)						(8,636)
Foreign items and rate differential			160						56						(41)
Redeemable non-controlling interests			(767)						1,101						70
Valuation allowance			(4,308)						205						641
Miscellaneous			997						(1,230)						(788)
Total income tax (benefit) provision			$	(494)					$	(3,748)					$	4,813
Effective tax rate:
Federal statutory rate expense			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			4.0		%				5.9		%				7.2		%
Net state impact of deferred rate change			(0.1)		%				(0.1)		%				0.4		%
Non deductible expenses			1.7		%				0.4		%				2.3		%
Impact of reserve for uncertain tax positions			(0.2)		%				(2.5)		%				2.1		%
Stock-based compensation expense			(5.2)		%				(0.5)		%				(1.0)		%
Energy efficiency preferences			(15.2)		%				(34.7)		%				(20.4)		%
Foreign items and rate differential			0.3		%				0.2		%				(0.1)		%
Redeemable non-controlling interests			(1.4)		%				3.0		%				0.2		%
Valuation allowance			(7.6)		%				0.6		%				1.5		%
Miscellaneous			1.8		%				(3.6)		%				(1.8)		%
Effective tax rate			(0.9)		%				(10.3)		%				11.4		%

Unrecognized Tax Benefits

The following table provides a reconciliation of gross unrecognized tax benefits which are included in other liabilities within the consolidated balance sheets:

			Year Ended December 31,
			2020						2019
Balance, beginning of year			$	400					$	1,600
Additions for current year tax positions			100						—
Additions for prior year tax positions			100						—
Reductions of prior year tax positions			—						(1,200)
Balance, end of year			$	600					$	400

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