Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 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 March 31,  
     2019     2018  
     Amount      Rate     Amount      Rate  

Income tax expense at the federal statutory rate

    $ 4,472        21.0 %    $ 5,106        21.0 % 

State income tax expense, net of federal benefit

      894        4.2 %      1,097        4.5 % 

Windfall tax benefits, net related to stock-based compensation

      (265 )       (1.2 )%      (217 )       (0.9 )% 

Change in valuation allowance

      259        1.2 %      40        0.2 % 

Permanent and other items (1)

      297        1.4 %      276        1.1 % 
  

 

 

     

 

 

    

 

 

     

 

 

  
   $  5,657        26.6 %    $  6,302        25.9 % 
  

 

 

     

 

 

    

 

 

     

 

 

  

 

(1) 

Permanent items relate principally to compensation charges and meals and entertainment.