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Note 12 - Federal and State Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		2020				2019
		(in thousands)
Deferred tax liabilities:
Property and equipment		$	100,736			$	83,453
Unrealized gains on securities			2,580				2,580
Prepaid expenses and other			2,599				2,193
Total deferred tax liabilities			105,915				88,226
Deferred tax assets:
Current expected credit losses			896				760
Tax credit carryforwards			988				988
Compensated absences			189				512
Self-insurance allowances			674				5,630
Marketable equity securities			2,129				1,253
Net operating loss carryover			32,031				15,364
Other			125				197
Total deferred tax assets			37,032				24,704
Net deferred tax liability		$	68,883			$	63,522

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		2020								2019								2018
		(in thousands)
		Amount				Percent				Amount				Percent				Amount				Percent
Federal income tax at statutory rate		$	4,916				21.0			$	2,124				21.0			$	6,582				21.0
Nondeductible per diem and meals			321				1.4				-				-				-				-
Other nondeductible expenses, net			-				-				342				3.4				80				0.2
State income taxes/other, net			345				1.5				(251	)			(2.5	)			685				2.2
Total income tax expense		$	5,582				23.9			$	2,215				21.9			$	7,347				23.4

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		2020				2019				2018
		(in thousands)
Current:
Federal		$	(62	)		$	(56	)		$	(48	)
State			282				646				189
Total current income tax provision			220				590				141
Deferred:
Federal			4,860				2,177				6,185
State			502				(552	)			1,021
Total deferred income tax provision			5,362				1,625				7,206
Total income tax provision expense		$	5,582			$	2,215			$	7,347

X

- 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.

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-Section 50
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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.

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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

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