Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Summary of Components of Income (Loss) from Continuing Operations before Provision for Income Taxes
The components of income from continuing operations before provision for income taxes consisted of the following (in thousands):
 
    
Years Ended December 31,
 
    
2020
    
2019
    
2018
 
United States
   $ 62,206      $ 112,425      $ 119,446  
Foreign
     (2,842      (4,913      (2,226
    
 
 
    
 
 
    
 
 
 
     $ 59,364      $ 107,512      $ 117,220  
    
 
 
    
 
 
    
 
 
 
Schedule of Provision (Benefit) for Income Taxes
 
The provision for income taxes consisted of the following (in thousands):
 
    
Years Ended December 31,
 
    
2020
    
2019
    
2018
 
Federal:
                          
Current
   $ 12,437      $ 22,638      $ 24,101  
Deferred
     310        665        (268
    
 
 
    
 
 
    
 
 
 
       12,747        23,303        23,833  
    
 
 
    
 
 
    
 
 
 
State:
                          
Current
     3,616        7,718        6,004  
Deferred
     163        (507      162  
    
 
 
    
 
 
    
 
 
 
       3,779        7,211        6,166  
    
 
 
    
 
 
    
 
 
 
Foreign:
                          
Current
     —          —          —    
Deferred
     —          68        (36
    
 
 
    
 
 
    
 
 
 
       —          68        (36
    
 
 
    
 
 
    
 
 
 
     $ 16,526      $ 30,582      $ 29,963  
    
 
 
    
 
 
    
 
 
 
Significant Components of Deferred Tax Assets (Liabilities), Net
Significant components of the Company’s deferred tax assets, net consisted of the following (in thousands):
 
    
December 31,
 
    
2020
    
2019
 
Deferred Tax Assets:
                 
Accrued expenses and bonuses
   $ 3,078      $ 2,481  
Bad debt and other reserves
     4,889        2,744  
Deferred compensation
     12,536        13,346  
Operating lease ROU assets, net
     21,125        21,761  
Stock-based compensation
     7,403        7,847  
Net operating and capital loss carryforwards
     3,932        3,612  
State taxes
     (163      139  
Amortizable intangibles and other
     1,070        328  
    
 
 
    
 
 
 
Deferred tax assets before valuation allowance
     53,870        52,258  
Valuation allowance
     (4,418      (3,921
    
 
 
    
 
 
 
Deferred Tax Assets
     49,452        48,337  
    
 
 
    
 
 
 
Deferred Tax Liabilities:
                 
Fixed assets
     (6,814      (4,422
Operating lease liabilities
     (19,357      (20,117
Prepaid expenses
     (533      (940
Other comprehensive income
     (800      (552
Goodwill and other
     (574      (184
    
 
 
    
 
 
 
Deferred Tax Liabilities
     (28,078      (26,215
    
 
 
    
 
 
 
Deferred Tax Assets, Net
   $ 21,374      $ 22,122  
    
 
 
    
 
 
 
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 statutory federal corporate income tax rate to income before provision for income taxes and consisted of the following (dollars in thousands):
 
    
Years Ended December 31,
 
    
2020
   
2019
   
2018
 
    
Amount
    
Rate
   
Amount
    
Rate
   
Amount
    
Rate
 
Income tax expense at the federal statutory rate
   $ 12,466        21.0   $ 22,578        21.0   $ 24,616        21.0
State income tax expense, net of federal benefit
     2,983        5.0     5,698        5.3     4,550        3.9
Windfall tax benefits, net related to stock-based compensation
     240        0.4     (196      (0.2 )%      (1,535      (1.3 )% 
Change in valuation allowance
     497        0.8     1,351        1.3     677        0.6
Permanent and other items
(1)
     340        0.6     1,151        1.0     1,655        1.4
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
     $ 16,526        27.8   $ 30,582        28.4   $ 29,963        25.6
    
 
 
    
 
 
   
 
 
    
 
 
   
 
 
    
 
 
 
 
(1)
 
Permanent items relate principally to compensation charges, qualified transportation fringe benefits, reversal of uncertain tax positions and meals and entertainment.
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amounts of unrecognized tax benefits consisted of the following (in thousands):
 
    
Years Ended December 31,
 
    
2020
    
2019
    
2018
 
Beginning balance
   $ 775      $ 1,246      $ —    
Gross increase (decrease) as a result of positions taken:
                          
Prior periods
     —          —          1,246  
Current period
     —          —          —    
Settlement with tax authorities
     —          —          —    
Expiration of applicable statutes of limitation
     (720      (471      —    
    
 
 
    
 
 
    
 
 
 
Ending balance
   $ 55      $ 775      $ 1,246