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Note 5 - Income Taxes
 12 Months Ended
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.