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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Provision for Income Taxes | The provision for income taxes is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 15,070 |  |  | $ | 11,896 |  |  | $ | 14,683 |
State |  |  | 3,613 |  |  |  | 1,854 |  |  |  | 5,529 |
Total current provision for income taxes |  |  | 18,683 |  |  |  | 13,750 |  |  |  | 20,212 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (535 | ) |  |  | 2,784 |  |  |  | (1,096 | )
State |  |  | (319 | ) |  |  | 1,842 |  |  |  | (1,081 | )
Total deferred provision for income taxes |  |  | (854 | ) |  |  | 4,626 |  |  |  | (2,177 | )
Total provision for income taxes |  | $ | 17,829 |  |  | $ | 18,376 |  |  | $ | 18,035 |
Summary of Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consist of the following components (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred income tax assets: |  |  |  |  |  |
Deferred compensation |  | $ | 7,392 |  |  | $ | 6,149 |
Tax effect of unrealized losses, net |  |  | 7,374 |  |  |  | 7,969 |
Operating lease liability |  |  | 5,850 |  |  |  | 5,813 |
Workers' compensation claims liabilities |  |  | 5,423 |  |  |  | 6,709 |
Other |  |  | 1,164 |  |  |  | 579 |
Equity based compensation |  |  | 857 |  |  |  | 907 |
Total deferred income tax assets |  |  | 28,060 |  |  |  | 28,126 |
Less: valuation allowance |  |  | 340 |  |  |  | 65 |
Net deferred income tax assets |  |  | 27,720 |  |  |  | 28,061 |
Deferred income tax liabilities: |  |  |  |  |  |
Tax depreciation in excess of book depreciation |  |  | (10,230 | ) |  |  | (9,180 | )
Amortization of software and intangibles |  |  | (7,467 | ) |  |  | (8,441 | )
Operating lease right-of-use |  |  | (5,545 | ) |  |  | (5,452 | )
Other |  |  | (1 | ) |  |  | (770 | )
Total deferred income tax liabilities |  |  | (23,243 | ) |  |  | (23,843 | )
Net deferred income taxes |  | $ | 4,477 |  |  | $ | 4,218 |
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, |  |
|  | 2024 |  |  |  | 2023 |  |  |  | 2022 |  |
Statutory federal tax rate |  |  | 21.0 |  | % |  |  | 21.0 |  | % |  |  | 21.0 |  | %
State taxes, net of federal benefit |  |  | 3.6 |  |  |  |  | 4.3 |  |  |  |  | 5.4 |  |
Nondeductible expenses and other, net |  |  | 1.0 |  |  |  |  | 1.7 |  |  |  |  | 1.5 |  |
Adjustment for final positions on filed returns |  |  | 0.5 |  |  |  |  | (0.5 | ) |  |  |  | 0.2 |  |
Other, net |  |  | (0.1 | ) |  |  |  | 0.2 |  |  |  |  | — |  |
Federal and state tax credits |  |  | (0.8 | ) |  |  |  | (0.1 | ) |  |  |  | (0.5 | ) |
Effective tax rate |  |  | 25.2 |  | % |  |  | 26.6 |  | % |  |  | 27.6 |  | %

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