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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 11 — Income Taxes The following table summarizes the provision for income taxes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (amounts in thousands)
Current: |  |  |  |  |
Federal | $ | 12,275 |  |  | $ | 13,728 |  |  | $ | 3,022 |
State | 4,139 |  |  | 5,762 |  |  | 2,381 |
| $ | 16,414 |  |  | $ | 19,490 |  |  | $ | 5,403 |
Deferred: |  |  |  |  |
Federal | $ | (2,304) |  |  | $ | (4,183) |  |  | $ | 4,163 |
State | (640) |  |  | (637) |  |  | 744 |
| $ | (2,944) |  |  | $ | (4,820) |  |  | $ | 4,907 |
Tax provision | $ | 13,470 |  |  | $ | 14,670 |  |  | $ | 10,310 |
Deferred income taxes are recorded using the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and income tax basis of assets and liabilities. Significant components of the Company’s federal and state deferred tax asset and liability balances were as follows:
| Year Ended December 31,
| 2024 |  | 2023
| (in thousands)
Deferred tax assets: |  |  |
Allowance for doubtful accounts | $ | 25,138 |  |  | $ | 22,788 |
Deferred compensation | 9,159 |  |  | 9,048 |
Accrued insurance claims | 5,277 |  |  | 5,580 |
Non-deductible reserves | 497 |  |  | 169 |
Lease liabilities | 4,214 |  |  | 4,765 |
Share based compensation | 3,312 |  |  | 2,988 |
Other | 3,275 |  |  | 2,418 |
| $ | 50,872 |  |  | $ | 47,756 |
Deferred tax liabilities: |  |  |
Expensing of housekeeping supplies | $ | (2,174) |  |  | $ | (2,351) |
Amortization of goodwill and intangibles | (3,861) |  |  | (3,000) |
Depreciation of property and equipment | (1,664) |  |  | (1,688) |
Lease right-of-use assets | (4,048) |  |  | (4,571) |
Other | (955) |  |  | (920) |
| $ | (12,702) |  |  | $ | (12,530) |
Net deferred tax assets | $ | 38,170 |  |  | $ | 35,226 |
Realization of the Company’s deferred tax assets is dependent upon future earnings in specific tax jurisdictions, the timing and amount of which are uncertain. Management assesses the Company’s income tax positions and records tax benefits for all years subject to examination based upon an evaluation of the facts, circumstances and information available at the reporting dates, which include historical operating results and expectations of future earnings. As such, management believes it is more likely than not that the deferred tax assets recorded will be realized to reduce future income taxes and therefore no valuation allowances are necessary. The table below provides a reconciliation between the tax expense computed by applying the statutory federal income tax rate to income before income taxes and the provision for income taxes:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Income tax expense computed at statutory rate | $ | 11,118 |  |  | $ | 11,182 |  |  | $ | 9,356 |
Increases (decreases) resulting from: |  |  |  |  |
State income taxes, net of federal tax benefit | 2,631 |  |  | 4,153 |  |  | 2,594 |
Federal jobs credits | (1,914) |  |  | (2,014) |  |  | (2,571) |
Tax exempt interest | (306) |  |  | (348) |  |  | (308) |
Share-based compensation | 1,722 |  |  | 1,610 |  |  | 1,250 |
Fines and penalties | 18 |  |  | 55 |  |  | 4 |
Other, net | 201 |  |  | 32 |  |  | (15) |
Income tax expense | $ | 13,470 |  |  | $ | 14,670 |  |  | $ | 10,310 |
The Company performs an evaluation each period of its tax positions taken and expected to be taken in tax returns. The evaluation is performed on positions relating to tax years that remain subject to examination by major tax jurisdictions, the earliest of which is the tax year ended December 31, 2019. Based on the evaluation, the Company concluded that there are no significant uncertain tax positions requiring recognition in the Company’s financial statements. Therefore, the table reporting on the change in the liability for unrecognized tax benefits during the years ended December 31, 2024 and 2023 is omitted as there is no activity to report in such account for the years ended December 31, 2024 or 2023.

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