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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of Components of Income Tax Expense

For the years ended December 31, 2019, 2018 and 2017, components of our provision for income taxes are as follows:

​	​	​	​	​	​	​	​	​	​
Provision for Income Taxes		2019			2018			2017
Deferred taxes	​	$	13,787,654	​	$	3,445,721	​	$	10,416,171
Provision for Income Taxes	​	$	13,787,654	​	$	3,445,721	​	$	10,416,171

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes computed using the U.S. federal statutory rate to the provision for income taxes:

​	​	​	​	​	​	​	​	​	​
Rate Reconciliation		2019			2018			2017
Tax at federal statutory rate	​	$	9,089,683	​	$	2,613,551	​	$	4,194,556
Non-deductible expenses	​	​	2,399	​		3,197	​		6,158
Excess tax benefit from stock option exercises and restricted stock vesting	​	​	4,055,418	​		828,973	​		(453,217)
Adjust prior estimates to tax return	​	​	19	​		—	​		(58,766)
States taxes, net of Federal benefit	​	​	160,913	​		—	​		124,200
Effect of departure from State of Kansas	​	​	—	​		—	​		(350,059)
Adjustment for change in future effective tax rate (1) (2)	​	​	479,222	​		—	​		6,953,299
Provision for Income Taxes	​	$	13,787,654	​	$	3,445,721	​	$	10,416,171

Schedule of Deferred Tax Assets and Liabilities

The net deferred taxes consisted of the following at December 31, 2019 and 2018:

​	​	​	​	​	​	​
Deferred Taxes:		2019			2018
Deferred tax liabilities		​	​	​	​
Property and equipment	​	$	56,325,029	​	$	33,888,806
​	​	​	​	​	​	​
Deferred tax assets	​	​	​	​
Stock-based compensation	​	​	269,264	​		3,734,911
Operating loss and IDC carryforwards	​	​	50,054,589	​		37,940,374
Deferred tax assets	​	​	50,323,853	​		41,675,285
Net deferred income tax liability (asset)	​	$	6,001,176	​	$	(7,786,479)

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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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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.

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