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Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of income before taxes for domestic and foreign operations consisted of the following:

									Year ended December 31,
(in thousands)															2021						2020						2019
Domestic															$	196,620					$	(361,242)					$	299,330
Foreign															—						175						1,917
Total															$	196,620					$	(361,067)					$	301,247

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes is composed of the following:

			Year ended December 31,
(in thousands)			2021						2020						2019
Current:
Federal			$	(494)					$	(195,572)					$	(34)
State			552						(211)						505
Foreign			(6)						132						530
Total current			52						(195,651)						1,001
Deferred:
Federal			40,693						24,126						63,430
State			4,022						(5,449)						4,699
Foreign			—						—						—
Total deferred			44,715						18,677						68,129
Total income tax provision (benefit)			$	44,767					$	(176,974)					$	69,130

Schedule of Effective Income Tax Rate Reconciliation

The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows:

			Year ended December 31,
(in thousands)			2021						2020						2019
Income tax expense (benefit) at federal statutory rate			$	41,575					$	(70,459)					$	63,262
State income taxes, net of federal income tax benefit			4,257						(5,495)						5,070
CARES Act			—						(97,988)						—
Foreign income tax expense			(6)						132						530
Other			(1,059)						(3,164)						268
Total income tax expense			$	44,767					$	(176,974)					$	69,130

Schedule of Deferred Tax Assets and Liabilities

The major components of the Company’s net deferred tax assets and liabilities are as follows:

			As of December 31,
(in thousands)			2021						2020
Deferred tax assets:
Accrued vacation			$	1,197					$	1,024
Accrued bonus			4,086						—
State taxes			248						—
Accrued property taxes			1,048						1,111
Stock-based compensation expense			1,372						1,025
Net operating loss			7,827						15,979
Tax credit			4,523						10,995
Less: valuation allowance			1,214						1,214
Total deferred tax assets			19,087						28,920
Deferred tax liabilities:
Prepaid expenses			3,625						2,517
Depreciation			352,123						308,266
Other			9,476						19,900
Total deferred tax liabilities			365,224						330,683
Net deferred tax liabilities			$	346,137					$	301,763

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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