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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of components of the income tax expense (benefit) | The components of the income tax expense (benefit) are as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current income tax expense: |  |  |  |  |
Federal | $ | 1,155 |  |  | $ | — |  |  | $ | 128 |
State | 1,022 |  |  | 353 |  |  | 262 |
Current income tax expense | 2,177 |  |  | 353 |  |  | 390 |
Deferred income tax (benefit) expense: |  |  |  |  |
Federal | (3,383) |  |  | 98,772 |  |  | 9,912 |
State | (1,309) |  |  | 33,894 |  |  | 996 |
Deferred income tax (benefit) expense | (4,692) |  |  | 132,666 |  |  | 10,908 |
Income tax (benefit) expense | $ | (2,515) |  |  | $ | 133,019 |  |  | $ | 11,298 |
Schedule of reconciliation of total income tax expense (benefit) to amounts computed by applying statutory federal income tax rate to income (loss) from continuing operations before income taxes | A reconciliation of the income tax expense (benefit) to the amounts computed by applying the statutory federal income tax rate to income (loss) from continuing operations before income taxes is shown as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Federal statutory income tax | $ | (26,233) |  |  | $ | (11,538) |  |  | $ | 17,731 |
State income taxes, net | (2,215) |  |  | 365 |  |  | 1,269 |
Excess tax deductions on non-cash compensation | 6,373 |  |  | 4,117 |  |  | (9,401) |
Research and experimentation tax credit | (1,512) |  |  | (2,906) |  |  | (3,207) |
Nondeductible executive compensation | 2,174 |  |  | 2,692 |  |  | 3,058 |
Increase (decrease) in valuation allowance | 17,087 |  |  | 139,374 |  |  | 595 |
Other, net | 1,811 |  |  | 915 |  |  | 1,253 |
Income tax (benefit) expense | $ | (2,515) |  |  | $ | 133,019 |  |  | $ | 11,298 |
Schedule of components of the deferred tax assets and deferred tax liabilities | The tax effects of cumulative temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Provision for accrued expenses | $ | 1,168 |  |  | $ | 3,257 |
Leasing | 21,263 |  |  | 25,213 |
Net operating loss carryforwards (a) | 47,463 |  |  | 59,302 |
Capitalized research and experimentation | 30,396 |  |  | 17,843 |
Non-cash compensation expense | 28,126 |  |  | 30,451 |
Intangible assets | 11,379 |  |  | 10,240 |
Interest | 21,295 |  |  | 30,054 |
Equity Investment | 4,561 |  |  | — |
Tax credits | 15,385 |  |  | 16,174 |
Other | 95 |  |  | 104 |
Total gross deferred tax assets | 181,131 |  |  | 192,638 |
Less: valuation allowance (b) | (162,504) |  |  | (145,401) |
Total deferred tax assets, net of the valuation allowance | 18,627 |  |  | 47,237 |
Deferred tax liabilities: |  |  |
Leasing | (18,329) |  |  | (21,445) |
Property and equipment | (1,563) |  |  | (6,227) |
Equity investment | — |  |  | (25,756) |
Other | (826) |  |  | (592) |
Total gross deferred tax liabilities | (20,718) |  |  | (54,020) |
Net deferred taxes | $ | (2,091) |  |  | $ | (6,783) |
(a)At December 31, 2023, the Company had pre-tax consolidated federal net operating losses (“NOLs”) of $139.0 million. The federal NOLs no longer expire under the Tax Cuts and Jobs Act. The Company's NOLs will be available to offset taxable income, subject to the Internal Revenue Code Section 382 annual limitation. In addition, the Company has state NOLs of approximately $466.4 million at December 31, 2023, a portion of which will expire at various times between 2024 and 2043. (b)The valuation allowance is related to items for which it is “more likely than not” that the tax benefit will not be realized. Deferred income taxes are presented in the accompanying consolidated balance sheets as follows (in thousands):
| December 31,
| 2023 |  | 2022
Deferred income tax assets | $ | — |  |  | $ | — |
Deferred income tax liabilities | (2,091) |  |  | (6,783) |
Net deferred taxes | $ | (2,091) |  |  | $ | (6,783) |
Schedule of the deferred tax valuation allowance reconciliation | A reconciliation of the beginning and ending balances of the deferred tax valuation allowance is as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Balance, beginning of the period | $ | 145,401 |  |  | $ | 6,039 |  |  | $ | 5,802 |
Charges to earnings | 17,103 |  |  | 139,362 |  |  | 237 |
Balance, end of the period | $ | 162,504 |  |  | $ | 145,401 |  |  | $ | 6,039 |
Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties | A reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Balance, beginning of the period | $ | 3,282 |  |  | $ | 2,914 |
Additions based on tax positions of the current period | 227 |  |  | 405 |
Additions (subtractions) based on tax positions of the prior period | (85) |  |  | (37) |
Balance, end of the period | $ | 3,424 |  |  | $ | 3,282 |

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