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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Federal and State Income Taxes | The provision for the federal and state income taxes attributable to income (loss) consists of the following components:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current expense (benefit) |  |  |  |  |
Federal taxes | $ | — |  |  | $ | 673 |  |  | $ | (21,392) |
State taxes | (170) |  |  | (186) |  |  | (2,565) |
Total current provision | (170) |  |  | 487 |  |  | (23,957) |
Deferred expense (benefit) |  |  |  |  |
Federal taxes | 3,851 |  |  | (1,119) |  |  | 25,518 |
State taxes | (708) |  |  | (295) |  |  | (3,255) |
Total deferred expense (benefit) | 3,143 |  |  | (1,414) |  |  | 22,263 |
Income tax expense (benefit) | $ | 2,973 |  |  | $ | (927) |  |  | $ | (1,694) |
Effective tax rate | 27.0 | % |  | 10.0 | % |  | (27.2) | %
Reconciliation of Income Taxes | A reconciliation of income tax expense (benefit) determined by applying the federal and state tax rates to income before income taxes is as follows:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Expected tax expense (benefit) at federal statutory | $ | 2,312 |  |  | $ | (1,954) |  |  | $ | 1,310 |
State income tax expense (benefit), net of federal tax effect | 657 |  |  | (410) |  |  | 438 |
Revaluation of deferred tax liabilities | (1,373) |  |  | — |  |  | (5,206) |
Stranded tax effects reclassified from other comprehensive income | — |  |  | — |  |  | 1,620 |
Excess tax deficiency from share-based compensation and other expense, net | 854 |  |  | 818 |  |  | 144 |
Valuation allowance | 523 |  |  | 619 |  |  | — |
Income tax expense (benefit) | $ | 2,973 |  |  | $ | (927) |  |  | $ | (1,694) |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:
(in thousands) | December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Net operating loss carry-forwards | $ | 59,814 |  |  | $ | 28,398 |
Leases | 14,208 |  |  | 14,809 |
Asset retirement obligations | 2,827 |  |  | 2,972 |
Benefit plan obligations | 1,017 |  |  | 978 |
Accruals and stock-based compensation | 4,075 |  |  | 3,087 |
Other | 7,441 |  |  | 5,767 |
Total gross deferred tax assets | 89,382 |  |  | 56,011 |
Less valuation allowance | (523) |  |  | (619) |
Net deferred tax assets | 88,859 |  |  | 55,392 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 146,302 |  |  | 109,852 |
Leases | 13,616 |  |  | 14,541 |
Intangible assets | 13,837 |  |  | 12,867 |
Prepaid assets and other | 3,251 |  |  | 2,732 |
Total gross deferred tax liabilities | 177,006 |  |  | 139,992 |
Net deferred tax liabilities | $ | 88,147 |  |  | $ | 84,600 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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