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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of components of income (loss) from continuing operation before income taxes

The components of income before income taxes are as follows:

	Years ended December 31,
	2019				2018
	(in thousands)
United States	$	88,182			$	55,117
Foreign	699				1,157
Income before income taxes	$	88,881			$	56,274

Schedule of components of income tax expense

The components of income tax expense for the years ended December 31, 2019 and 2018 were as follows:

	Federal				State				Foreign				Total
	(in thousands)
2019
Current	$	—			$	722			$	163			$	885
Deferred	20,205				869				—				21,074
Total	$	20,205			$	1,591			$	163			$	21,959
2018
Current	$	—			$	364			$	622			$	986
Deferred	12,871				(814		)		—				12,057
Total	$	12,871			$	(450	)		$	622			$	13,043

Schedule of reconciliation of the federal income tax expense at the statutory rate to the effective income tax expense

The following is a reconciliation of the federal income tax expense at the statutory rate of 21% for the years ended December 31, 2019 and 2018 to the effective income tax expense:

	Years Ended December 31,
	2019				2018
	(in thousands)
Statutory federal income tax expense	$	18,665			$	11,818
State taxes, net of federal benefit	1,440				(526		)
Foreign tax paid	—				622
Foreign jurisdiction rate differential	475				—
Permanent differences-nondeductible executive compensation	2,083				1,144
Permanent differences and other	(704		)		(15		)
Effective income tax expense	$	21,959			$	13,043

Summary of activity related to the Company's unrecognized tax benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

	(in thousands)
Balance as of December 31, 2017	$	191
Decreases due to tax positions expired	(9		)
Balance as of December 31, 2018	182
Increases related to current year tax positions	250
Decreases due to tax positions expired	(162		)
Balance as of December 31, 2019	$	270

Schedule of tax effects of temporary differences of the deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

	As of December 31,
	2019				2018
	(in thousands)
Deferred tax assets:
Unearned lease revenue	$	1,277			$	1,094
State taxes	152				77
Reserves and allowances	1,988				1,187
Other accruals	4,974				3,795
Foreign tax credit	19				26
Lease liability	271				—
Net operating loss carry forward	12,091				39,996
Charitable contributions	57				38
Total deferred tax assets	20,829				46,213
Less: valuation allowance	(153		)		(652		)
Net deferred tax assets	20,676				45,561
Deferred tax liabilities:
Depreciation and impairment on aircraft engines and equipment	(118,595		)		(133,453		)
Inventory	(2,350		)		—
Right of use liability	(6,900		)		—
Other deferred tax assets (liabilities)	(4,198		)		(2,365		)
Net deferred tax liabilities	(132,043		)		(135,818		)
Other comprehensive loss deferred tax liability	949				(28		)
Net deferred tax liabilities	$	(110,418	)		$	(90,285	)

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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