Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2021
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,  
     2021     2020     2021     2020  
     Amount     Rate     Amount     Rate     Amount     Rate     Amount      Rate  
Income tax expense at the federal statutory rate
    $ 8,994       21.0 %    $ 31       21.0 %    $ 13,425       21.0 %    $ 4,018        21.0 % 
State income tax expense, net of federal benefit
      1,999       4.7 %      (69 )      (46.8 )%      3,046       4.8 %      950        5.0 % 
(Windfall) shortfall tax benefits, net related to stock-based
compensation
      (52 )      (0.1 )%      90       61.2 %      (79 )      (0.1 )%      73        0.4 % 
Change in valuation allowance
      17       0.0 %      96       65.4 %      188       0.3 %      460        2.4 % 
Permanent and other items
(1)
      339       0.8 %      (106 )      (72.4 )%      803       1.2 %      458        2.3 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
     $ 11,297       26.4 %    $ 42       28.4 %    $ 17,383       27.2 %    $ 5,959        31.1 % 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
 
(1)
Permanent items relate principally to compensation charges, qualified transportation fringe benefits and meals and entertainment.