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Note 5 - Income Taxes | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 21,254 |  |  | $ | 33,416 |  |  | $ | 18,025 |
State |  |  | 3,598 |  |  |  | 4,706 |  |  |  | 3,914 |
Total current |  |  | 24,852 |  |  |  | 38,122 |  |  |  | 21,939 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (12,748 | ) |  |  | (13,526 | ) |  |  | 9,795 |
State |  |  | (2,680 | ) |  |  | (1,053 | ) |  |  | 2,083 |
Total deferred |  |  | (15,428 | ) |  |  | (14,579 | ) |  |  | 11,878 |
Total expense |  | $ | 9,424 |  |  | $ | 23,543 |  |  | $ | 33,817 |
The federal statutory income tax rate is reconciled to the effective income tax rate as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal statutory income tax rate |  |  | 21 | % |  |  | 21 | % |  |  | 21 | %
Increase in taxes arising from state income taxes, net of federal income tax benefit |  |  | 2 |  |  |  | 3 |  |  |  | 3 |
Per diem and other non-deductible expenses |  |  | 4 |  |  |  | 2 |  |  |  | - |
Federal tax credits |  |  | (1 | ) |  |  | - |  |  |  | - |
Other, net |  |  | - |  |  |  | (1 | ) |  |  | (1 | )
Effective tax rate |  |  | 26 | % |  |  | 25 | % |  |  | 23 | %
As of December 31, the net deferred tax liability consisted of the following:
(In thousands) |  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Reserves and accrued liabilities |  | $ | 12,347 |  |  | $ | 13,126 |
Other |  |  | 1,454 |  |  |  | 1,212 |
|  |  | 13,801 |  |  |  | 14,338 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 117,595 |  |  |  | 133,634 |
Prepaid expenses |  |  | 3,240 |  |  |  | 3,166 |
|  |  | 120,835 |  |  |  | 136,800 |
Net deferred tax liability |  | $ | 107,034 |  |  | $ | 122,462 |
We have not provided a valuation allowance against deferred tax assets at December 31, 2024 or 2023. 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 $386,000 as of December 31, 2024 and $434,000 as of December 31, 2023. The $48,000 decrease in the amount reserved relates to current period tax positions. If recognized, $305,000 of the unrecognized tax benefits as of December 31, 2024 would favorably impact our effective tax rate. Potential interest and penalties related to unrecognized tax benefits of $14,000 were recognized in our financial statements as of each of December 31, 2024 and 2023. The federal statute of limitations remains open for 2021 and forward. We file tax returns in numerous state jurisdictions with varying statutes of limitations.

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