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Income Taxes
 12 Months Ended
Dec. 31, 2025
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. Substantially all of the Company's income before taxes is 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)202520242023
Current:
Federal$532 $1,431 $— 
State(200)(1,665)3,306 
Foreign— 311 204 
Total current332 77 3,510 
Deferred:
Federal(10,448)(62,244)36,910 
State(61)(6,045)1,035 
Total deferred(10,509)(68,289)37,945 
Total:
Federal(9,916)(60,813)36,910 
State(261)(7,710)4,341 
Foreign— 311 204 
Total income tax provision (benefit)$(10,177)$(68,212)$41,455 
Income Taxes Paid (Refunded)
Year ended December 31,
(in thousands)202520242023
Federal$(15,000)$8,700 $3 
State(264)(274)596 
Foreign— 312 413 
Total $(15,264)$8,738 $1,012 
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,
202520242023
(in thousands)AmountPercentAmountPercentAmountPercent
Pre-tax income$(54,874)$(308,450)$159,051 
Federal statutory income tax rate(11,524)21.0 %(64,774)21.0 %33,401 21.0 %
Domestic federal
Tax credits
Research credits— — %(459)0.1 %(1,652)(1.0)%
Other(117)0.2 %(501)0.2 %(90)(0.1)%
Nontaxable and nondeductible items
Executive compensation542 (1.0)%2,707 (0.9)%3,395 2.1 %
Share based compensation665 (1.2)%2,500 (0.8)%1,732 1.1 %
Other633 (1.2)%569 (0.2)%666 0.4 %
Other adjustments265 (0.5)%(1,366)0.4 %38 — %
Domestic state and local income taxes, net of federal effect(1)
(519)0.9 %(7,168)2.3 %3,503 2.2 %
Other foreign jurisdictions— — %311 (0.1)%204 0.1 %
Worldwide changes in unrecognized tax benefits(122)0.2 %(31)— %258 0.2 %
Total$(10,177)18.5 %$(68,212)22.1 %$41,455 26.1 %
(1) In 2025, 2024, and 2023, state and local income taxes in Arizona, California, Indiana, Florida, Tennessee, and New York comprise the majority of the domestic state and local income taxes, net of federal effect category.

Deferred Taxes

The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20252024
Deferred tax assets:
Employee benefits$57,114 $38,277 
Interest expense36,649 24,692 
Net operating loss116,728 6,252 
Tax credits3,546 3,683 
Other39,523 45,543 
Less: valuation allowance(1,214)(1,214)
Total deferred tax assets252,346 117,233 
Deferred tax liabilities:
Prepaid expenses4,408 5,235 
Depreciation518,472 398,022 
Other34,882 29,569 
Total deferred tax liabilities557,762 432,826 
Net deferred tax liabilities$305,416 $315,593 

Net Operating Loss Carryforwards

At December 31, 2025, the Company recognized $103.1 million of tax-effected federal net operating loss carryforwards which may be carried forward indefinitely. Additionally, the Company recognized $13.6 million of tax-effected state net operating loss carryforwards. Under the current law, $1.6 million of the state net operating loss carryforward amounts do not expire and the remaining amounts expire in taxable years 2025 through 2044 if unused.