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Income taxes | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes Income tax provision differs from the amount that would be computed by applying the Federal and Provincial statutory income tax rates to income before income taxes. The reasons for the differences are as follows:
Year ended December 31, |  | 2019 |  |  | 2018 |
Income before income taxes |  | $ | 39,991 |  |  | $ | 21,417 |
Tax rate |  | 26.50 | % |  | 27.00 | %
Expected expense |  | $ | 10,598 |  |  | $ | 5,783 |
(Decrease) increase related to: |  |  |  |
Impact of enacted future statutory income tax rates |  | (5,797 | ) |  | — |
Rate differential on equity earnings in affiliates and joint ventures |  | (859 | ) |  | — |
Other |  | (1,097 | ) |  | 313 |
Deferred income tax expense |  | $ | 2,845 |  |  | $ | 6,096 |
Current income tax expense |  | 13 |  |  | — |
Total income tax expense |  | $ | 2,858 |  |  | $ | 6,096 |
The deferred tax assets and liabilities are summarized below:
|  | December 31, 2019 |  |  | December 31, 2018 |
Deferred tax assets: |  |  |  |
Non-capital and net capital loss carryforwards |  | $ | 44,763 |  |  | $ | 24,478 |
Contract liabilities |  | — |  |  | 572 |
Finance lease obligations |  | 27,220 |  |  | 23,207 |
Stock-based compensation |  | 3,393 |  |  | 3,545 |
Other |  | 682 |  |  | 2,538 |
Subtotal |  | $ | 76,058 |  |  | $ | 54,340 |
Less: valuation allowance |  | (881 | ) |  | (1,035 | )
|  | $ | 75,177 |  |  | $ | 53,305 |
Deferred tax liabilities: |  |  |  |
Contract assets |  | $ | 4,805 |  |  | $ | 3,711 |
Accounts receivable – holdbacks |  | 924 |  |  | 96 |
Property, plant and equipment |  | 106,104 |  |  | 84,927 |
Deferred financing costs |  | 190 |  |  | 86 |
|  | $ | 112,023 |  |  | $ | 88,820 |
Net deferred income tax liability |  | $ | 36,846 |  |  | $ | 35,515 |
Classified as:
|  | December 31, 2019 |  |  | December 31, 2018 |
Deferred tax asset |  | $ | 15,655 |  |  | $ | 9,272 |
Deferred tax liability |  | (52,501 | ) |  | (44,787 | )
|  | $ | (36,846 | ) |  | $ | (35,515 | )
The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, multiple provincial jurisdictions, the U.S. federal jurisdiction and one state jurisdiction. At December 31, 2019, the Company has a deferred tax asset of $43,882 resulting from non-capital loss carryforwards of $185,614, which expire as follows:
|  | December 31, 2019 |
2027 |  | $ | 279 |
2032 |  | 5,099 |
2033 |  | 5,893 |
2034 |  | 3,531 |
2036 |  | 3,127 |
2037 |  | 18,955 |
2038 |  | 86,189 |
2039 |  | 62,541 |
|  | $ | 185,614 |
At December 31, 2019, the Company has recorded a valuation allowance against the deferred tax asset of $881 resulting from net capital loss carryforwards of $7,664, which have an indefinite life.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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