Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.22.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2022
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 June 30,
 
 
Six Months Ended June 30,
 
 
  
2022
 
 
2021
 
 
2022
 
 
2021
 
 
  
Amount
 
  
Rate
 
 
Amount
 
  
Rate
 
 
Amount
 
  
Rate
 
 
Amount
 
  
Rate
 
Income tax expense at the federal statutory rate
    $ 11,786       21.0 %    $ 8,994       21.0 %    $ 21,139       21.0 %    $ 13,425       21.0 % 
State income tax expense, net of federal benefit
      2,389       4.3 %      1,999       4.7 %      4,422       4.4 %      3,046       4.8 % 
(Windfall) shortfall tax benefits, net related to stock-based compensation
      (1,758 )      (3.1 )%     (52 )      (0.1 )%      (2,064 )      (2.1 )%     (79 )      (0.1 )% 
Change in valuation allowance
      23       0.0 %      17       0.0 %      (81 )      (0.1 )%     188       0.3 % 
Permanent and other items
(1)
     1,515       2.7 %      339       0.8 %      2,296       2.3 %      803       1.2 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
     $ 13,955       24.9 %    $ 11,297       26.4 %    $ 25,712       25.5 %    $ 17,383       27.2 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment.