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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 Income Tax Provision (Benefit) | Income tax provision (benefit) is summarized as follows:
| Year Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 87,840 |  |  | $ | 13,877 |  |  | $ | — |
State | 6,106 |  |  | 274 |  |  | 95 |
Total current tax provision | $ | 93,946 |  |  | $ | 14,151 |  |  | $ | 95 |
Deferred: |  |  |  |  |
Federal | $ | (17,846) |  |  | $ | (13,462) |  |  | $ | 325 |
State | 107 |  |  | (168) |  |  | 16 |
Total deferred tax (benefit) provision | (17,739) |  |  | (13,630) |  |  | 341 |
Income tax provision | $ | 76,207 |  |  | $ | 521 |  |  | $ | 436 |
Schedule of Effective Income Tax Rate Reconciliation | Reconciliation of the statutory federal income tax rate to the Company’s actual rate based on income before income tax provision is summarized below:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Statutory federal tax rate | 21.00 | % |  | 21.00 | % |  | 21.00 | %
State income taxes, net of federal income taxes | 2.53 |  |  | 0.62 |  |  | 1.41 |
Permanent tax differences – stock compensation | (2.12) |  |  | (6.31) |  |  | (3.93) |
Permanent tax differences – business meals | 0.17 |  |  | 0.44 |  |  | 0.23 |
Permanent tax differences – executive compensation and other | 2.60 |  |  | 9.27 |  |  | 2.13 |
Change in valuation allowance | (1.71) |  |  | (23.99) |  |  | (19.69) |
FICA credit generated | (0.28) |  |  | (1.09) |  |  | (0.28) |
Change in tax rate and apportionment | 0.43 |  |  | (0.26) |  |  | (0.03) |
Deferred only adjustment to beginning deferred balances | 0.34 |  |  | 0.95 |  |  | (0.57) |
Effective tax rate | 22.96 | % |  | 0.63 | % |  | 0.27 | %
Schedule of Deferred Tax Assets and Liabilities | The Company’s current and non-current deferred tax assets (liabilities) are comprised of the following:
| December 31,
(In thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accruals and reserves | $ | 5,128 |  |  | $ | 6,350 |
Share-based compensation expense | 2,137 |  |  | 966 |
State tax credits | — |  |  | 3,867 |
Net operating loss carryforwards | — |  |  | 753 |
Operating lease obligation | 27,092 |  |  | 36,483 |
Depreciation of fixed assets | 18,631 |  |  | 6,532 |
Uncertain tax position | 6,245 |  |  | — |
Other | 1,553 |  |  | 493 |
| 60,786 |  |  | 55,444 |
Valuation allowances | — |  |  | (5,680) |
| $ | 60,786 |  |  | $ | 49,764 |
Deferred tax liabilities: |  |  |
Prepaid services | $ | (1,771) |  |  | $ | (2,116) |
Amortization of intangible assets | (5,778) |  |  | (2,895) |
Right-of-use assets | (23,729) |  |  | (32,984) |
| (31,278) |  |  | (37,995) |
Net deferred tax assets | $ | 29,508 |  |  | $ | 11,769 |
Non-current deferred tax assets | $ | 29,508 |  |  | $ | 11,822 |
Non-current deferred tax liabilities | — |  |  | (53) |
Net deferred tax assets | $ | 29,508 |  |  | $ | 11,769 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the Company’s reconciliation of the beginning and ending unrecognized tax benefits:
| December 31,
(In thousands) | 2023 |  | 2022
Balance – beginning of period | $ | — |  |  | $ | — |
Tax positions related to current year additions | 884 |  |  | — |
Additions for tax positions of prior years | 6,281 |  |  | — |
Tax positions related to prior year reductions | — |  |  | — |
Reductions due to lapse of statute of limitations on tax positions | — |  |  | — |
Settlements | — |  |  | — |
Balance – end of period | $ | 7,165 |  |  | $ | — |

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