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v3.22.2.2

Income Taxes | 9 Months Ended
--- | ---
Sep. 30, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Income TaxesREP LLC was organized as a limited liability company and treated as a flow-through entity for federal income tax purposes. As such, taxable income and any related tax credits were passed through to its members and included in their tax returns, even though such taxable income or tax credits may not have been distributed. In connection with the closing of the Merger, the Company's tax status changed from a limited liability company to a C-corporation. As a result, the Company is responsible for federal and state income taxes and must record deferred tax assets and liabilities for the tax effects of any temporary differences that exist. The components of the Company's consolidated provision for income taxes from continuing operations are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Current income tax expense: |  |  |  |  |  |  |
Federal | $ | 142 |  |  | $ | 2 |  |  | $ | 1,442 |  |  | $ | 2 |
State | 291 |  |  | 284 |  |  | 486 |  |  | 52 |
Total current income tax expense | 433 |  |  | 286 |  |  | 1,928 |  |  | 54 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |
Federal | 15,460 |  |  | (6,427) |  |  | 22,439 |  |  | 14,202 |
State | 424 |  |  | 2,204 |  |  | 763 |  |  | (717) |
Total deferred income tax expense (benefit) | 15,884 |  |  | (4,223) |  |  | 23,202 |  |  | 13,485 |
Total income tax expense (benefit) | $ | 16,317 |  |  | $ | (3,937) |  |  | $ | 25,130 |  |  | $ | 13,539 |
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Nondeductible compensation | 0.1 | % |  | (32.1) | % |  | 0.2 | % |  | (1.3) | %
Transaction costs | — | % |  | (47.7) | % |  | — | % |  | (2.1) | %
Stock compensation | — | % |  | 0.2 | % |  | (0.1) | % |  | (0.1) | %
State income taxes, net of federal benefit | 0.8 | % |  | 22.9 | % |  | 0.8 | % |  | (1.6) | %
Change in tax status | — | % |  | (0.5) | % |  | — | % |  | (53.4) | %
Income subject to taxation by REP LLC's unitholders | — | % |  | — | % |  | — | % |  | (15.8) | %
Other | (0.5) | % |  | — | % |  | (0.3) | % |  | — | %
Effective income tax rate | 21.4 | % |  | (36.2) | % |  | 21.6 | % |  | (53.3) | %
The Company's federal income tax returns for the years subsequent to December 31, 2018 remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2017. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.

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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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