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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) from operations for the years ended December 31, 2021, 2020 and 2019 are as follows:

			2021						2020						2019
Current:
Federal			$	455					$	(174)					$	174
State			493						741						366
			948						567						540
Deferred:
Federal			2,142						1,027						882
State			290						142						478
			2,432						1,169						1,360
Total income tax expense			$	3,380					$	1,736					$	1,900

Income Tax Reconciliation

The income tax expense from the Taxable Subsidiary operations for the years ended December 31, 2021 and 2020 differs from the "expected" tax expense (computed by applying the federal corporate rate of 21% to income before income taxes of the Taxable Subsidiary) as follows:

			2021						2020
"Expected" tax expense			$	2,223					$	361
Increase in income taxes resulting from:
State income taxes, net of federal income tax expense			382						327
Other non-deductible items			384						472
Other, net			91						108
Actual tax expense			$	3,080					$	1,268

Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows:

			2021						2020
Deferred tax assets:
Bad debt reserves			$	26					$	59
Goodwill and intangibles			12,523						13,893
Employee benefits			57						244
Interest expense			—						—
Tax loss carryforwards			10,676						12,671
Other			129						251
Subtotal			23,411						27,118
Less: Valuation allowance			—						—
Total net deferred tax assets			23,411						27,118
Deferred tax liabilities:
Property and equipment			(3,590)						(4,861)
Operating leases			—						(4)
Other			—						—
Total deferred tax liabilities			(3,590)						(4,865)
Net deferred tax assets			$	19,821					$	22,253

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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

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

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