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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

(Provision for) Benefits from Income Taxes

The (provision for) benefit from income taxes for the years ended December 31, 2022 and 2021, consists of the following (in thousands):

			2022						2021
Current (expense) benefit
Federal benefit			$	—					$	—
State (expense) benefit			(17)						1
Total current (expense) benefit			(17)						1
Deferred (expense) benefit:
Federal (expense) benefit			(857)						1,991
State (expense) benefit			346						611
Total deferred (expense) benefit			(511)						2,602
Total (expense) benefit			$	(528)					$	2,603

Effective Income Tax Rate Reconciliation

The effective tax rate for the years ended December 31, 2022 and 2021, differs from the statutory rate as follows:

			2022						2021
Statutory rate			21.0		%				21.0		%
State and local taxes			812.2		%				5.2		%
Stock based compensation			(58.5)		%				(0.7)		%
Nondeductible compensation			(1846.3)		%				(3.6)		%
Other			(217.1)		%				0.2		%
Effective rate			(1288.7)		%				22.1		%

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, 2022 and 2021, are as follows (in thousands):

			2022						2021
Deferred income tax assets:
Net operating loss			$	6,391					$	5,355
Research and development credits			1,338						1,363
Stock compensation			121						114
Deferred compensation			617						632
Other			354						515
Total deferred income tax assets			8,821						7,979
Deferred income tax liabilities:
Property and equipment			(48,427)						(47,044)
Goodwill and other intangible assets			(192)						(223)
Total deferred income tax liabilities			(48,619)						(47,267)
Net deferred income tax liabilities			$	(39,798)					$	(39,288)

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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 https://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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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