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Income taxes
 12 Months Ended
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 31,20242023
Income before income taxes$60,035 $85,963 
Equity earnings in affiliates and joint ventures(15,299)(25,199)
$44,736 $60,764 
Tax rate23.00 %23.00 %
Expected expense$10,289 $13,976 
Adjustments related to:
Stock-based compensation1,241 1,092 
Foreign tax rate differential2,463 2,164 
Tax on equity earnings in affiliates and joint ventures3,519 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 expense19,230 15,981 
Total income tax expense$15,950 $22,822 
The deferred tax assets and liabilities are summarized below:
December 31, 2024December 31, 2023
Deferred tax assets:
Non-capital and net capital loss carryforwards$13,740 $26,713 
Finance lease obligations26,541 23,116 
Accrued liabilities5,721 3,211 
Operating lease obligations3,116 6,161 
Stock-based compensation5,542 4,913 
Contingent obligations17,200 1,229 
Acquisition costs1,470 1,858 
Other7,051 5,611 
$80,381 $72,812 
Deferred tax liabilities:
Contract assets$602 $5,693 
Property, plant and equipment179,581 168,813 
Investments in affiliates and joint ventures12,387 2,266 
Operating lease right-of-use assets3,002 2,827 
Deferred financing costs1,114 1,355 
Other9,073 682 
$205,759 $181,636 
Net deferred income tax liability$125,378 $108,824 
Classified as:
December 31, 2024December 31, 2023
Deferred tax asset$— $— 
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 
2027278 
2032175 
20339,095 
20375 
203929 
2040406 
20413,569 
20423,576 
20433,398 
20442,731 
No expiry39,948 
 $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.