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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes were as follows:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 33,523 |  |  | $ | 40,113 |  |  | $ | 75,525 |
State | 10,171 |  |  | 19,107 |  |  | 24,974 |
Total current tax expense (benefit) | 43,694 |  |  | 59,220 |  |  | 100,499 |
Deferred |  |  |  |  |
Federal | 789 |  |  | (1,506) |  |  | (6,241) |
State | 605 |  |  | (454) |  |  | (3,423) |
Total deferred tax expense (benefit) | 1,394 |  |  | (1,960) |  |  | (9,664) |
Total expense (benefit) for income taxes | $ | 45,088 |  |  | $ | 57,260 |  |  | $ | 90,835 |
Schedule of Reconciliation of Provision (Benefit) for Income Taxes | The following presents a reconciliation of the provision (benefit) for income taxes computed at the federal statutory rate to the provision (benefit) for income taxes recognized on the Consolidated Statements of Operations for the years indicated:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Tax at statutory rate | $ | 39,178 |  |  | 21 | % |  | $ | 34,416 |  |  | 21 | % |  | $ | 74,271 |  |  | 21 | %
State taxes, net of federal benefit | 9,240 |  |  | 5 | % |  | 14,736 |  |  | 9 | % |  | 17,283 |  |  | 5 | %
Excess tax benefits related to share-based compensation | (1,767) |  |  | (1) | % |  | (2,792) |  |  | (1) | % |  | (4,095) |  |  | (1) | %
Nondeductible compensation | 2,106 |  |  | 1 | % |  | 2,356 |  |  | 1 | % |  | 3,461 |  |  | 1 | %
Effect of net (income) loss attributable to noncontrolling interests | (2,299) |  |  | (1) | % |  | (1,435) |  |  | (1) | % |  | (2,637) |  |  | (1) | %
Change in valuation allowance | (1,547) |  |  | (1) | % |  | 9,596 |  |  | 6 | % |  | 1,941 |  |  | 1 | %
Other, net | 177 |  |  | — | % |  | 383 |  |  | — | % |  | 611 |  |  | — | %
Income tax expense (benefit) | $ | 45,088 |  |  | 24 | % |  | $ | 57,260 |  |  | 35 | % |  | $ | 90,835 |  |  | 26 | %
Schedule of Tax Effects of Temporary Differences | The tax effects of temporary differences were as follows:
| December 31,
(in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Intangible assets | $ | 19,206 |  |  | $ | 17,773 |
Net operating losses | 10,754 |  |  | 11,881 |
Compensation accruals | 19,614 |  |  | 16,813 |
Lease liability | 19,009 |  |  | 10,026 |
Investments | 11,643 |  |  | 18,283 |
Capital losses | 6,139 |  |  | 2,197 |
Other | 2,188 |  |  | 94 |
Gross deferred tax assets | 88,553 |  |  | 77,067 |
Valuation allowance | (16,539) |  |  | (19,480) |
Gross deferred tax assets after valuation allowance | 72,014 |  |  | 57,587 |
Deferred tax liabilities: |  |  |
Intangible assets | (26,746) |  |  | (24,163) |
Right of use asset | (15,677) |  |  | (7,672) |
Fixed assets | (4,197) |  |  | (1,869) |
Other investments | (370) |  |  | (712) |
Gross deferred tax liabilities | (46,990) |  |  | (34,416) |
Deferred tax assets, net | $ | 25,024 |  |  | $ | 23,171 |
Schedule of Income Tax Contingencies | Activity in unrecognized tax benefits were as follows:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Balance, beginning of year | $ | 856 |  |  | $ | 1,235 |  |  | $ | 1,021 |
Decrease related to tax positions taken in prior years | (214) |  |  | (593) |  |  | — |
Increase related to positions taken in the current year | 214 |  |  | 214 |  |  | 214 |
Balance, end of year | $ | 856 |  |  | $ | 856 |  |  | $ | 1,235 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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