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Income taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes Income tax expense 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, |  | 2020 |  | 2019
Income before income taxes |  | $ | 60,472 |  |  | $ | 39,991 |
Tax rate |  | 23.00 | % |  | 26.50 | %
Expected expense |  | $ | 13,909 |  |  | $ | 10,598 |
Decrease related to: |  |  |  |
Impact of enacted future statutory income tax rates |  | (211) |  |  | (5,797) |
Rate differential on equity earnings in affiliates and joint ventures |  | (1,606) |  |  | (859) |
Other |  | (828) |  |  | (1,097) |
Deferred income tax expense |  | $ | 11,264 |  |  | $ | 2,845 |
Current income tax expense |  | — |  |  | 13 |
Total income tax expense |  | $ | 11,264 |  |  | $ | 2,858 |
The deferred tax assets and liabilities are summarized below:
|  | December 31, 2020 |  | December 31, 2019
Deferred tax assets: |  |  |  |
Non-capital and net capital loss carryforwards |  | $ | 40,758 |  |  | $ | 44,763 |
Finance lease obligations |  | 27,736 |  |  | 27,220 |
Stock-based compensation |  | 2,872 |  |  | 3,393 |
Other |  | 1,990 |  |  | 682 |
Subtotal |  | $ | 73,356 |  |  | $ | 76,058 |
Less: valuation allowance |  | (391) |  |  | (881) |
|  | $ | 72,965 |  |  | $ | 75,177 |
Deferred tax liabilities: |  |  |  |
Contract assets |  | $ | 1,524 |  |  | $ | 4,805 |
Property, plant and equipment |  | 117,768 |  |  | 106,104 |
Other |  | 1,461 |  |  | 1,114 |
|  | $ | 120,753 |  |  | $ | 112,023 |
Net deferred income tax liability |  | $ | 47,788 |  |  | $ | 36,846 |
Classified as:
|  | December 31, 2020 |  | December 31, 2019
Deferred tax asset |  | $ | 16,407 |  |  | $ | 15,655 |
Deferred tax liability |  | (64,195) |  |  | (52,501) |
|  | $ | (47,788) |  |  | $ | (36,846) |
The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, multiple provincial jurisdictions, the U.S. federal jurisdiction and two U.S state jurisdictions. At December 31, 2020, the Company has a deferred tax asset of $40,367 resulting from non-capital loss carryforwards of $175,507, which expire as follows:
|  | December 31, 2020
2026 |  | $ | 279 |
2031 |  | 179 |
2032 |  | 4,672 |
2033 |  | 5,893 |
2034 |  | 819 |
2036 |  | 3,125 |
2037 |  | 17,799 |
2038 |  | 86,979 |
2039 |  | 39,470 |
2040 |  | 16,292 |
|  | $ | 175,507 |
At December 31, 2020, the Company has recorded a valuation allowance against the deferred tax asset of $391 resulting from net capital loss carryforwards of $3,399, which have an indefinite life. On October 20, 2020, Bill 35 was substantively enacted which accelerated the previous Job Creation Tax Cut, resulting in a reduction to the Alberta general corporate income tax rate from 10% to 8% on July 1, 2020. Due to the reduction in Alberta general corporate income tax rate, the Company has remeasured its deferred tax assets and deferred tax liabilities as at December 31, 2020.

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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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=116825942&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 http://asc.fasb.org/extlink&oid=84230637&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 http://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 http://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 http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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