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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The provision for income taxes is as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
Current:
Federal		$	11,896			$	14,683			$	9,527
State			1,854				5,529				3,408
			13,750				20,212				12,935
Deferred:
Federal			2,784				(1,096	)			143
State			1,842				(1,081	)			(496	)
			4,626				(2,177	)			(353	)
Total provision		$	18,376			$	18,035			$	12,582

Summary of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the following components (in thousands):

		December 31,
		2023				2022
Deferred income tax assets:
Tax effect of unrealized losses (gains), net		$	7,969			$	10,565
Workers' compensation claims liabilities			6,709				9,632
Deferred compensation			6,149				7,347
Operating lease liability			5,813				5,813
Equity based compensation			907				743
Other			579				1,314
			28,126				35,414
Less: valuation allowance			65				—
			28,061				35,414
Deferred income tax liabilities:
Tax depreciation in excess of book depreciation			(9,180	)			(8,914	)
Tax amortization of goodwill			(8,441	)			(9,377	)
Operating lease right-of-use			(5,452	)			(5,316	)
Other			(770	)			(367	)
			(23,843	)			(23,974	)
Net deferred income taxes		$	4,218			$	11,440

Summary of Effective Tax Rate Differed from U.S. Statutory Federal Tax Rate

The effective tax rate differed from the U.S. statutory federal tax rate due to the following:

		Year Ended December 31,
		2023					2022					2021
Statutory federal tax rate			21.0		%			21.0		%			21.0		%
State taxes, net of federal benefit			4.3					5.4					4.5
Nondeductible expenses and other, net			1.7					1.5					0.5
Other, net			0.2					—					—
Federal and state tax credits			(0.1	)				(0.5	)				(2.1	)
Adjustment for final positions on filed returns			(0.5	)				0.2					0.9
Effective tax rate			26.6		%			27.6		%			24.8		%

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- Definition

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.

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-Topic 740
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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.

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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.

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