Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of provision for income taxes

The provision for income taxes from continuing operations for the years ended December 31, 2019, 2018 and 2017 consists of the following:

	2019		2018	2017
	(in thousands)
Current taxes:
Federal	$	37,283	54,071	73,167
State		7,144	625	7,720
Foreign		—	1	—
		44,427	54,697	80,887
Deferred taxes		(3,009)	783	20,481
Provision for income taxes	$	41,418	55,480	101,368

Schedule of reconciliation of statutory federal income tax rate with effective income tax rate

The following table reconciles the statutory federal income tax rate with our effective income tax rate from continuing operations for the years ended December 31, 2019, 2018 and 2017:

	2019		2018		2017
Statutory federal income tax rate	21.0	%	21.0	%	35.0	%
State income taxes, net of federal tax benefit	3.4		2.4		2.2
Share-based compensation	1.4		1.8		3.4
Effects of U.S. tax rate decrease	—		(0.4)		2.2
Uncertain tax positions	(0.2)		(2.2)		(0.2)
Valuation allowance on losses capital in nature	—		—		(1.0)
Other items	0.6		0.7		(0.3)
Effective income tax rate	26.2	%	23.3	%	41.3	%

Schedule of deferred tax liabilities and deferred tax assets

The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at December 31, 2019 and 2018 are as follows:

	2019		2018
	(in thousands)
Deferred tax assets:
Property and equipment	$	2,194	—
Benefit plans		787	—
Accrued compensation and related costs		11,779	5,868
Other accrued expenses		2,780	3,861
Unrealized losses on investment securities and partnerships		—	6,272
Share-based compensation		9,215	10,300
Unused state tax credits		2,341	2,618
State net operating loss carryforwards		7,082	7,266
Operating lease liabilities		6,042	—
Other		1,061	1,171
Total gross deferred assets		43,281	37,356
Deferred tax liabilities:
Property and equipment	$	—	(3,700)
Benefit plans		—	(1,872)
Identifiable intangible assets		(9,301)	(9,206)
Unrealized gains on investments securities and partnerships		(3,469)	—
Prepaid expenses		(2,283)	(2,478)
Operating lease right-of-use assets		(5,630)	—
Other		(308)	(513)
Total gross deferred liabilities		(20,991)	(17,769)
Valuation allowance		(7,872)	(7,266)
Net deferred tax asset	$	14,418	12,321

Summary of the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest

The following table summarizes the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest, for the years ended December 31, 2019, 2018 and 2017:

	2019		2018	2017
	(in thousands)
Balance at beginning of year	$	2,070	6,843	7,734
Increases during the year:
Gross increases - tax positions in prior period		345	712	244
Gross increases - current-period tax positions		44	331	97
Decreases during the year:
Gross decreases - tax positions in prior period		(135)	(4,219)	(56)
Decreases due to settlements with taxing authorities		(348)	(1,385)	(178)
Decreases due to lapse of statute of limitations		(358)	(212)	(998)
Balance at end of year	$	1,618	2,070	6,843