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Income taxes
 12 Months Ended
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 31,20202019
Income before income taxes$60,472 $39,991 
Tax rate23.00 %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, 2020December 31, 2019
Deferred tax assets:
Non-capital and net capital loss carryforwards$40,758 $44,763 
Finance lease obligations27,736 27,220 
Stock-based compensation2,872 3,393 
Other1,990 682 
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 equipment117,768 106,104 
Other1,461 1,114 
$120,753 $112,023 
Net deferred income tax liability$47,788 $36,846 
Classified as:
December 31, 2020December 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 
2031179 
20324,672 
20335,893 
2034819 
20363,125 
203717,799 
203886,979 
203939,470 
204016,292 
 $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.