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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The (provision for) benefit from income taxes for the years ended December 31, 2021 and 2020, consists of the following (in thousands):

			2021						2020
Current benefit:
Federal benefit			$	—					$	15,587
State (expense) benefit			1						(149)
Total current benefit			1						15,438
Deferred benefit:
Federal benefit (expense)			1,991						(10,234)
State benefit (expense)			611						(412)
Total deferred benefit (expense)			2,602						(10,646)
Total benefit			$	2,603					$	4,792

Effective Income Tax Rate Reconciliation

The effective tax rate for the years ended December 31, 2021 and 2020, differs from the statutory rate as follows:

			2021						2020
Statutory rate			21.0		%				21.0		%
State and local taxes			5.2		%				(17)		%
Stock based compensation			(0.7)		%				(13.1)		%
Nondeductible compensation			(3.6)		%				(11.6)		%
Effect of CARES Act			—		%				180.3		%
Other			0.2		%				0.5		%
Effective rate			22.1		%				160.1		%
Effective rate			22.1		%				160.1		%

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, 2021 and 2020, are as follows (in thousands):

			2021						2020
Deferred income tax assets:
Net operating loss			$	5,355					$	3,361
Research and development credits			1,363						1,363
Stock compensation			114						175
Deferred compensation			632						705
Other			515						398
Total deferred income tax assets			7,979						6,002
Deferred income tax liabilities:
Property and equipment			(47,044)						(47,626)
Goodwill and other intangible assets			(223)						(266)
Total deferred income tax liabilities			(47,267)						(47,892)
Net deferred income tax liabilities			$	(39,288)					$	(41,890)

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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
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

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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- Definition

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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