Quarterly report pursuant to Section 13 or 15(d)

Income Taxes (Tables)

v3.23.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2023
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 September 30, Nine Months Ended September 30,
2023 2022 2023 2022
Amount Rate Amount Rate Amount Rate Amount Rate
Income tax (benefit) expense at the federal statutory rate $ (2,363) 21.0  % $ 6,573  21.0  % $ (6,031) 21.0  % $ 27,712  21.0  %
State income tax (benefit) expense, net of federal benefit (358) 3.2  % 1,707  5.5  % (782) 2.7  % 6,129  4.6  %
Shortfall (windfall) tax benefits, net related to stock-based compensation 23  (0.2) % (54) (0.2) % 796  (2.8) % (2,118) (1.6) %
Change in valuation allowance (3) 0.0  % 1,073  3.4  % 241  (0.8) % 992  0.8  %
Permanent and other items (1)
691  (6.2) % 640  2.0  % 861  (3.0) % 2,936  2.2  %
$ (2,010) 17.8  % $ 9,939  31.7  % $ (4,915) 17.1  % $ 35,651  27.0  %
(1) Permanent items relate principally to compensation charges, qualified transportation fringe benefits, meals and entertainment, and other items principally related to the effect of providing taxes in the interim financial statements based on the estimated full year effective tax rate.