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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The (provision for) benefit from income taxes for the years ended December 31, 2020 and 2019, consists of the following (in thousands):

			2020						2019
Current benefit (provision):
Federal benefit (expense)			$	15,587					$	86
State (expense) benefit			(149)						(55)
Total current benefit (provision)			15,438						31
Deferred benefit (provision):
Federal benefit (expense)			(10,234)						662
State			(412)						—
Total deferred benefit (expense)			(10,646)						662
Total benefit (provision)			$	4,792					$	693

Effective Income Tax Rate Reconciliation

The effective tax rate for the years ended December 31, 2020 and 2019, differs from the statutory rate as follows:

			2020						2019
Statutory rate			21.0		%				21.0		%
State and local taxes			(17.0)		%				(3.7)		%
Uncertain tax position			—		%				—		%
Goodwill impairment			—		%				(13.7)		%
Research and development credit			—		%				1.4		%
Stock based compensation			(13.1)		%				(0.8)		%
Nondeductible compensation			(11.6)		%				(0.3)		%
Effect of CARES Act			180.3		%				—		%
Other			0.5		%				0.9		%
Effective rate			160.1		%				4.8		%
Deferred re-measurement for rate change			—		%				—		%
Effective rate			160.1		%				4.8		%

Deferred Tax Assets and Liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and (liabilities) as of December 31, 2020 and 2019, are as follows (in thousands):

			2020						2019
Deferred income tax assets:
Net operating loss			$	3,361					$	1,519
Research and development credits			1,363						161
Stock compensation			175						580
Deferred compensation			705						389
Other			398						160
Total deferred income tax assets			6,002						2,809
Deferred income tax liabilities:
Property and equipment			(47,626)						(33,761)
Goodwill and other intangible assets			(266)						(291)
Total deferred income tax liabilities			(47,892)						(34,052)
Net deferred income tax liabilities			$	(41,890)					$	(31,243)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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