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Note 5 - Income Taxes | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | 5. Income Taxes The components of the income taxes expense consisted of the following:
(In thousands) |  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 18,025 |  |  | $ | 18,872 |  |  | $ | 21,312 |
State |  |  | 3,914 |  |  |  | 3,367 |  |  |  | 3,498 |
Total current |  |  | 21,939 |  |  |  | 22,239 |  |  |  | 24,810 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 9,795 |  |  |  | 3,462 |  |  |  | (1,557 | )
State |  |  | 2,083 |  |  |  | 603 |  |  |  | 633 |
Total deferred |  |  | 11,878 |  |  |  | 4,065 |  |  |  | (924 | )
Total expense |  | $ | 33,817 |  |  | $ | 26,304 |  |  | $ | 23,886 |
The federal statutory income tax rate is reconciled to the effective income tax rate as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Federal statutory income tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Increase in taxes arising from state income taxes, net of federal income tax benefit |  |  | 3 |  |  |  | 3 |  |  |  | 4 |
Per diem and other non-deductible expenses |  |  | - |  |  |  | - |  |  |  | 1 |
Federal tax credits |  |  | - |  |  |  | - |  |  |  | (1 | )
Other, net |  |  | (1 | ) |  |  | - |  |  |  | 1 |
Effective tax rate |  |  | 23 | % |  |  | 24 | % |  |  | 26 | %
As of December 31, the net deferred tax liability consisted of the following:
(In thousands) |  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Reserves and accrued liabilities |  | $ | 13,244 |  |  | $ | 11,975 |
Other |  |  | 1,597 |  |  |  | 1,597 |
|  |  | 14,841 |  |  |  | 13,572 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 148,285 |  |  |  | 135,306 |
Prepaid expenses |  |  | 3,597 |  |  |  | 3,429 |
|  |  | 151,882 |  |  |  | 138,735 |
Net deferred tax liability |  | $ | 137,041 |  |  | $ | 125,163 |
We have not provided a valuation allowance against deferred tax assets at December 31, 2022 or 2021. We believe the deferred tax assets will be realized principally through future reversals of existing taxable temporary differences (deferred tax liabilities) and future taxable income. Our reserves for unrecognized tax benefits were $438,000 as of December 31, 2022 and $4.1 million as of December 31, 2021. The $3.7 million decrease in the amount reserved relates to resolution of an IRS audit in 2022. If recognized, $346,000 of the unrecognized tax benefits as of December 31, 2022 would favorably impact our effective tax rate. Potential interest and penalties related to unrecognized tax benefits of $10,000 were recognized in our financial statements in each of 2022 and 2021. The federal statute of limitations remains open for 2019 and forward. We file tax returns in numerous state jurisdictions with varying statutes of limitations.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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