Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2018
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 (in thousands):

 

     Three Months Ended September 30,  
     2018     2017  
     Amount      Rate     Amount      Rate  

Income tax expense at the federal statutory rate

    $ 6,125        21.0 %    $ 8,920        35.0 % 

State income tax expense, net of federal benefit

      1,462        5.0 %      993        3.9 % 

Effect of foreign operations

      (28 )       (0.1 )%      16        0.1 % 

Windfall tax benefits, net related to stock-based compensation

      (17 )       (0.1 )%      32        0.1 % 

Change in valuation allowance

      162        0.6 %      38        0.2 % 

Permanent items and other (1)

      611        2.1 %      11        —    
  

 

 

     

 

 

    

 

 

     

 

 

  
   $ 8,315        28.5 %    $ 10,010        39.3 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1)

2018 includes the impact of the changes in tax laws under the Act, primarily relating to changes to Section 162(m) of the Internal Revenue Code and the tax rules regarding the deductibility of entertainment expenses and recording of uncertain tax positions.

 

     Nine Months Ended September 30,  
     2018     2017  
     Amount      Rate     Amount      Rate  

Income tax expense at the federal statutory rate

    $ 17,599        21.0 %    $ 24,713        35.0 % 

State income tax expense, net of federal benefit

      3,974        4.7 %      2,734        3.9 % 

Effect of foreign operations

      (48 )       —         63        0.1 % 

Windfall tax benefits, net related to stock-based compensation

      (261 )       (0.3 )%      (124 )       (0.2 )% 

Change in valuation allowance

      284        0.3 %      154        0.2 % 

Permanent items and other (1)

      1,224        1.5 %      24        —    
  

 

 

     

 

 

    

 

 

     

 

 

  
   $ 22,772        27.2 %    $ 27,564        39.0 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1)

2018 includes the impact of the changes in tax laws under the Act, primarily relating to changes to Section 162(m) of the Internal Revenue Code and the tax rules regarding the deductibility of entertainment expenses and recording of uncertain tax positions.