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Income taxes | 12 Months Ended
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Dec. 31, 2024
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, |  | 2024 |  | 2023
Income before income taxes |  | $ | 60,035 |  |  | $ | 85,963 |
Equity earnings in affiliates and joint ventures |  | (15,299) |  |  | (25,199) |
|  | $ | 44,736 |  |  | $ | 60,764 |
Tax rate |  | 23.00 | % |  | 23.00 | %
Expected expense |  | $ | 10,289 |  |  | $ | 13,976 |
Adjustments related to: |  |  |  |
Stock-based compensation |  | 1,241 |  |  | 1,092 |
Foreign tax rate differential |  | 2,463 |  |  | 2,164 |
Tax on equity earnings in affiliates and joint ventures |  | 3,519 |  |  | 5,794 |
Other |  | (1,562) |  |  | (204) |
Total income tax expense |  | $ | 15,950 |  |  | $ | 22,822 |
Current income tax expense |  | $ | (3,280) |  |  | $ | 6,841 |
Deferred income tax expense |  | 19,230 |  |  | 15,981 |
Total income tax expense |  | $ | 15,950 |  |  | $ | 22,822 |
The deferred tax assets and liabilities are summarized below:
|  | December 31, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |  |
Non-capital and net capital loss carryforwards |  | $ | 13,740 |  |  | $ | 26,713 |
Finance lease obligations |  | 26,541 |  |  | 23,116 |
Accrued liabilities |  | 5,721 |  |  | 3,211 |
Operating lease obligations |  | 3,116 |  |  | 6,161 |
Stock-based compensation |  | 5,542 |  |  | 4,913 |
Contingent obligations |  | 17,200 |  |  | 1,229 |
Acquisition costs |  | 1,470 |  |  | 1,858 |
Other |  | 7,051 |  |  | 5,611 |
|  | $ | 80,381 |  |  | $ | 72,812 |
Deferred tax liabilities: |  |  |  |
Contract assets |  | $ | 602 |  |  | $ | 5,693 |
Property, plant and equipment |  | 179,581 |  |  | 168,813 |
Investments in affiliates and joint ventures |  | 12,387 |  |  | 2,266 |
Operating lease right-of-use assets |  | 3,002 |  |  | 2,827 |
Deferred financing costs |  | 1,114 |  |  | 1,355 |
Other |  | 9,073 |  |  | 682 |
|  | $ | 205,759 |  |  | $ | 181,636 |
Net deferred income tax liability |  | $ | 125,378 |  |  | $ | 108,824 |
Classified as:
|  | December 31, 2024 |  | December 31, 2023
Deferred tax asset |  | $ | — |  |  | $ | — |
Deferred tax liability |  | (125,378) |  |  | (108,824) |
|  | $ | (125,378) |  |  | $ | (108,824) |
The Company and its subsidiaries file income tax returns in the Canadian federal jurisdiction, multiple Canadian provincial jurisdictions, the U.S. federal jurisdiction, three U.S state jurisdictions and the Australia federal jurisdiction. At December 31, 2024, the Company has non-capital loss carryforwards of $63,213, which expire as follows:
|  | December 31, 2024
2026 |  | $ | 3 |
2027 |  | 278 |
2032 |  | 175 |
2033 |  | 9,095 |
2037 |  | 5 |
2039 |  | 29 |
2040 |  | 406 |
2041 |  | 3,569 |
2042 |  | 3,576 |
2043 |  | 3,398 |
2044 |  | 2,731 |
No expiry |  | 39,948 |
|  | $ | 63,213 |
Of the non-capital loss carryforwards above, $39,948 are in the US jurisdiction with no expiry and the rest are in the Canadian jurisdiction with the expiries listed above.

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