Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.19.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 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 June 30,
   
Six Months Ended June 30,
 
 
2019
   
2018
   
2019
   
2018
 
 
Amount
   
Rate
   
Amount
   
Rate
   
Amount
   
Rate
   
Amount
   
Rate
 
Income tax expense at the federal statutory rate
  $
6,249
     
21.0
 %   $
6,368
     
21.0
 %   $
10,721
     
21.0
 %   $
11,474
     
21.0
 %
State income tax expense, net of federal benefit
   
1,346
     
4.5
 %    
1,415
     
4.7
 %    
2,240
     
4.4
 %    
2,511
     
4.6
 %
Windfall tax benefits, net related to stock-based compensation
   
11
     
—  
      
(28
 )    
(0.1
 )%    
(254
 )    
(0.5
 )%    
(245
 )    
(0.5
 )%
Change in valuation allowance
   
200
     
0.7
 %    
74
     
0.2
 %    
466
     
0.9
 %    
121
     
0.2
 %
Permanent and other items
(1)
    
672
     
2.3
 %    
326
     
1.1
 %    
962
     
1.9
 %    
596
     
1.1
 %
                                                                 
  $
8,478
     
28.5
 %   $
8,155
     
26.9
 %   $
14,135
     
27.7
 %   $
14,457
     
26.4
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment.