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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax expense (benefit) attributable to operations are as follows:

		Year Ended December 31,
		2020				2019				2018
		(in thousands)
Current tax expense:
Federal		$	1,234			$	—			$	—
State			605				(30	)			37
Deferred tax expense (benefit):
Federal			7,463				—				—
State			(2,729	)			—				—
Income tax expense		$	6,573			$	(30	)		$	37

Schedule of Effective Income Tax Rate Reconciliation

The components of the Company’s income tax expense are as follows:

		Year Ended December 31,
		2020								2019								2018
		(in thousands)				(rate reconciliation)				(in thousands)				(rate reconciliation)				(in thousands)				(rate reconciliation)
Income tax benefit computed at the statutory rate		$	(19,102	)			21.0	%		$	13,128				21.0	%		$	5,946				21.0	%
State income taxes			(1,706	)			1.9	%			(30	)			(0.1	)%			37				0.1	%
Income not subject to federal taxes			—				—	%			(13,128	)			(21.0	)%			(5,946	)			(21.0	)%
Contingent consideration			27,706				(30.5	)%			—				—	%			—				—	%
Other			(325	)			0.4	%			—				—	%			—				—	%
Income tax expense		$	6,573				(7.2	)%		$	(30	)			(0.1	)%		$	37				0.1	%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are as follows:

		Year Ended December 31,
		2020				2019
		(in thousands)
Deferred tax assets
Investment in Lender’s Protection, LLC		$	85,219			$	—
Operating lease liability			1,394				—
Share-based compensation			37				—
Other			20				—
Deferred tax assets		$	86,671			$	—
Deferred tax liabilities
Operating lease asset		$	(1,453	)		$	—
Deferred tax liabilities		$	(1,453	)		$	—
Net deferred tax assets		$	85,218			$	—

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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=84230637&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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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