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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxation in the United States and various state jurisdictions in which it operates. In accordance with income tax accounting standards, the Company recognizes tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. The entirety of the Company's income before taxes are from its domestic operations.
Income Tax Provision/(Benefit)

The provision (benefit) for income taxes is composed of the following:
Year ended December 31,
(in thousands)202320222021
Current:
Federal$— $6 $(494)
State3,306 73 552 
Foreign204 209 (6)
Total current3,510 288 52 
Deferred:
Federal36,910 1,189 40,693 
State1,035 983 4,022 
Total deferred37,945 2,172 44,715 
Total income tax provision$41,455 $2,460 $44,767 

Reconciliation of Effective Tax Rate

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)202320222021
Income tax expense at federal statutory rate$33,401 $1,040 $41,575 
State income taxes, net of federal income tax benefit3,503 1,189 4,257 
Foreign income tax expense204 210 (6)
Executive compensation3,692 57 2,359 
Federal tax credits(2,034)(1,103)(385)
Stock compensation1,936 1,016 (2,058)
Other753 51 (975)
Total income tax expense$41,455 $2,460 $44,767 
Deferred Taxes

The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20232022
Deferred tax assets:
Employee benefits$8,410 $9,938 
Net operating loss22,237 30,370 
Tax credits4,128 4,290 
Other(1)
30,576 18,644 
Less: valuation allowance1,214 1,214 
Total deferred tax assets64,137 62,028 
Deferred tax liabilities:
Prepaid expenses4,516 4,223 
Depreciation434,620 399,622 
Other9,603 4,571 
Total deferred tax liabilities448,739 408,416 
Net deferred tax liabilities$384,602 $346,388 
(1)Other deferred tax assets consists of interest expense and research and development expenses.

Net Operating Loss and Tax Credit Carryforwards
At December 31, 2023, the Company recognized $14.0 million and $8.2 million of tax-effected Federal and state net operating loss carryforwards, respectively. Under the current law, the Federal net operating losses do not expire and state net operating loss carryforward amounts begin to expire in 2024