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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Domestic and Foreign Income Taxes

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

			Year Ended December 31,
			2021						2020						2019
Domestic			$	74,256					$	52,595					$	34,700
Foreign			3,888						3,833						1,853
Income before income taxes			$	78,144					$	56,428					$	36,553

Income Tax Provision (Benefit)

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

			Year Ended December 31,
			2021						2020						2019
Current income tax provision (benefit):
Federal			$	(779)					$	(4,566)					$	109
State			1,779						1,522						474
Foreign			844						298						(1)
Total current			1,844						(2,746)						582
Deferred income tax (benefit) provision:
Federal			(8,025)						3,655						(4,794)
State			3,561						2,207						202
Foreign			573						(3,610)						262
Total deferred			(3,891)						2,252						(4,330)
Total income tax benefit			$	(2,047)					$	(494)					$	(3,748)

Deferred Income Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following:

			December 31,
			2021						2020
Deferred income tax assets:
Compensation accruals			$	2,570					$	2,485
Reserves			4,150						3,861
Other			27,806						15,583
Net operating losses			28,807						14,435
Interest rate swaps			1,928						2,587
Energy efficiency			59,618						42,084
Deferred revenue			2,181						1,270
Gross deferred income tax assets			127,060						82,305
Valuation allowance			(4,039)						(3,877)
Total deferred income tax assets			$	123,021					$	78,428
Deferred income tax liabilities:
Depreciation			$	(112,896)					$	(66,694)
Deferred effect of derivative liability			(1,541)						(284)
Canadian capital cost, allowance and amortization			(984)						(2,195)
United Kingdom goodwill amortization			(718)						(732)
Outside basis difference			(7,050)						(10,886)
Total deferred income tax liabilities			(123,189)						(80,791)
Deferred income tax liabilities, net			$	(168)					$	(2,363)

Summary of Valuation Allowance

Our valuation allowance related to the following items:

			December 31,
			2021						2020
Interest rate swaps (1)			$	50					$	106
Foreign net operating loss (2)			3,724						3,479
State net operating loss at one of our subsidiaries (3)			265						292
Total valuation allowance			$	4,039					$	3,877
(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, 2021, 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			$	98,490					Indefinite
State net operating loss carryforwards			40,230						Various
Canadian net operating loss carryforwards			22,603						2028 through 2041
United Kingdom net operating loss carryforwards			1,986						Indefinite
Greece net operating loss carryforwards			108						2026
Spain net operating loss carryforwards			2,447						Indefinite
Total tax loss carryforwards			$	165,864
Federal Energy Investment and Production tax credit carryforward			$	59,618					2030 through 2041

Summary of Tax Credit Carryforwards

As of December 31, 2021, 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			$	98,490					Indefinite
State net operating loss carryforwards			40,230						Various
Canadian net operating loss carryforwards			22,603						2028 through 2041
United Kingdom net operating loss carryforwards			1,986						Indefinite
Greece net operating loss carryforwards			108						2026
Spain net operating loss carryforwards			2,447						Indefinite
Total tax loss carryforwards			$	165,864
Federal Energy Investment and Production tax credit carryforward			$	59,618					2030 through 2041

Reconciliation of Effective Tax Rates

The following is a reconciliation of the effective tax rates:

			Year Ended December 31,
			2021						2020						2019
Income before benefit for income taxes			$	78,144					$	56,428					$	36,553
Federal statutory tax expense			$	16,410					$	11,850					$	7,676
State income taxes, net of federal benefit			2,648						2,257						2,140
Net state impact of deferred rate change			(502)						(29)						(53)
Nondeductible expenses			2,572						987						150
Impact of reserve for uncertain tax positions			286						(124)						(925)
Stock-based compensation expense			(4,618)						(2,922)						(169)
Energy efficiency preferences			(17,639)						(8,595)						(12,699)
Foreign items and rate differential			4						160						56
Redeemable non-controlling interests			(2,546)						(767)						1,101
Valuation allowance			337						(4,308)						205
Miscellaneous			1,001						997						(1,230)
Total income tax benefit			$	(2,047)					$	(494)					$	(3,748)
Effective tax rate:
Federal statutory rate expense			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			3.4		%				4.0		%				5.9		%
Net state impact of deferred rate change			(0.6)		%				(0.1)		%				(0.1)		%
Nondeductible expenses			3.3		%				1.7		%				0.4		%
Impact of reserve for uncertain tax positions			0.4		%				(0.2)		%				(2.5)		%
Stock-based compensation expense			(5.9)		%				(5.2)		%				(0.5)		%
Energy efficiency preferences			(23.2)		%				(15.2)		%				(34.7)		%
Foreign items and rate differential			—		%				0.3		%				0.2		%
Redeemable non-controlling interests			(3.3)		%				(1.4)		%				3.0		%
Valuation allowance			0.4		%				(7.6)		%				0.6		%
Miscellaneous			1.9		%				1.8		%				(3.6)		%
Effective tax rate			(2.6)		%				(0.9)		%				(10.3)		%

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,
			2021						2020
Balance, beginning of year			$	600					$	400
Additions for current year tax positions			300						100
Additions for prior year tax positions			—						100
Balance, end of year			$	900					$	600

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