Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2021
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 March 31,  
     2021     2020  
     Amount      Rate     Amount      Rate  
Income tax expense at the federal statutory rate
    $ 4,431        21.0 %    $
 
 3,987        21.0 % 
State income tax expense, net of federal benefit
      1,048        5.0 %      1,018        5.4 % 
Windfall tax benefits, net related to stock-based compensation
      (27 )       (0.1 )%      (17 )       (0.1 )% 
Change in valuation allowance
      180        0.9 %      367        1.9 % 
Permanent and other items
(1)
      454        2.0 %      562        3.0 % 
    
 
 
     
 
 
    
 
 
     
 
 
  
     $ 6,086        28.8 %    $ 5,917        31.2 % 
    
 
 
     
 
 
    
 
 
     
 
 
  
 
(1)
Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment.