Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.20.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2020
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,
 
 
  
2020
 
 
2019
 
 
2020
 
 
2019
 
 
  
Amount
 
 
Rate
 
 
Amount
 
  
Rate
 
 
Amount
 
  
Rate
 
 
Amount
 
 
Rate
 
Income tax expense at the federal statutory rate
  
$
31
 
 
 
21.0
% 
 
$
 6,249
 
  
 
21.0
% 
 
$
 4,018
 
  
 
21.0
% 
 
$
 10,721
 
 
 
21.0
% 
State income tax expense, net of federal benefit
  
 
(69
) 
 
 
(46.8
)% 
 
 
1,346
 
  
 
4.5
% 
 
 
950
 
  
 
5.0
% 
 
 
2,240
 
 
 
4.4
% 
Shortfall (windfall) tax benefits, net related to stock-based compensation
  
 
90
 
 
 
61.2
% 
 
 
11
 
  
 
—  
 
 
 
73
 
  
 
0.4
% 
 
 
(254
) 
 
 
(0.5
)% 
Change in valuation allowance
  
 
96
 
 
 
65.4
% 
 
 
200
 
  
 
0.7
% 
 
 
460
 
  
 
2.4
% 
 
 
466
 
 
 
0.9
% 
Permanent and other items
(1)
  
 
(106
) 
 
 
(72.4
)% 
 
 
672
 
  
 
2.3
% 
 
 
458
 
  
 
2.3
% 
 
 
962
 
 
 
1.9
% 
 
  
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
$
42
 
 
 
28.4
% 
 
$
 8,478
 
  
 
28.5
% 
 
$
 5,959
 
  
 
31.1
% 
 
$
 14,135
 
 
 
27.7
% 
 
  
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
(1)
 
Permanent items relate principally to compensation charges, qualified transportation fringe benefits, meals and entertainment and our
tax-exempt
deferred compensation plan assets.