Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.19.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
Components of Provision for Income Taxes and Income before Provision for Income Taxes
The provision for income taxes differs from the amount computed by applying the U.S. federal statutory rate to income before provision for income taxes and consisted of the following (dollars in thousands):
 
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
 
2019
   
2018
   
2019
   
2018
 
 
Amount
   
Rate
   
Amount
   
Rate
   
Amount
   
Rate
   
Amount
   
Rate
 
Income tax expense at the federal statutory rate
  $
 
 
5,526
     
21.0
 %   $
 
 
6,125
     
21.0
 %   $
 
 
16,247
     
21.0
 %   $
 
 
17,599
     
21.0
 %
State income tax expense, net of federal benefit
   
1,118
     
4.2
 %    
1,462
     
5.0
 %    
3,359
     
4.3
 %    
3,974
     
4.7
 %
Windfall (shortfall) tax benefits, net related to stock-based compensation
   
53
     
0.2
 %    
(17
 )    
(0.1
 )%    
(201
 )    
(0.2
 )%    
(261
 )    
(0.3
 )%
Change in valuation allowance
   
408
     
1.6
 %    
162
     
0.6
 %    
874
     
1.1
 %    
284
     
0.3
 %
Permanent and other items 
(1)
    
(81
 )    
(0.3
 )%    
583
     
2.0
 %    
880
     
1.1
 %    
1,176
     
1.5
 %
                                                                 
  $
7,024
     
26.7
 %   $
8,315
     
28.5
 %   $
21,159
     
27.3
 %   $
22,772
     
27.2
 %
                                                                 
(1)
 Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions and meals and entertainment.