Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following (in thousands):

	Year Ended December 31,
	2023		2022		2021
Current income tax provision:
Federal	$	52,634	$	28,830	$	30,450
State		13,996		9,126		15,192
		66,600		37,956		45,642
Deferred income tax provision:
Federal		2,869		20,000		21,607
State		1,346		4,256		(595	)
		4,215		24,256		21,012
Total income tax provision	$	70,815	$	62,212	$	66,654

Reconciliation of Differences between Income Tax Provision and Income Tax Determined by Applying US Federal Statutory Rate

The income tax provision differs from the amount of income tax determined by applying the U.S. Federal statutory rate to income before taxes as a result of the following (in thousands):

	Year Ended December 31,
	2023			2022			2021
U.S. Federal statutory taxes	$	58,002		$	51,836		$	57,832
State and local taxes, net of U.S. Federal benefit		12,296			10,608			12,174
Permanent items		1,320			(208	)		1,208
Excess tax benefits from vesting or settlement of stock compensation awards		(656	)		(11	)		(2,868	)
Federal credits		(755	)		(598	)		(686	)
Other		608			585			(1,006	)
Total income tax provision	$	70,815		$	62,212		$	66,654

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following (in thousands):

	As of December 31,
	2023			2022
Deferred tax assets:
Operating lease liability		6,886			7,941
Product and surface flaking warranty reserves		5,645			6,469
State tax credit carryforwards		4,250			4,084
Deferred revenue		4,215			2,921
Tax Cut and Jobs Act capitalization of research and development costs		3,956			2,152
Stock-based compensation		2,361			1,146
Inventories		639			2,965
Accruals not currently deductible and other		—			373
Net Operating Losses		—			132
Gross deferred tax assets, before valuation allowance		27,952			28,183
Valuation allowance		(3,307	)		(3,026	)
Gross deferred tax assets, after valuation allowance		24,645			25,157
Deferred tax liabilities:
Depreciation		(74,794	)		(74,604	)
Inventories		(10,627	)		(6,749	)
Operating lease right-of-use asset		(6,677	)		(7,687	)
Goodwill amortization		(3,536	)		(2,879	)
Other		(1,450	)		(1,462	)
Gross deferred tax liabilities		(97,084	)		(93,381	)
Net deferred tax liability	$	(72,439	)	$	(68,224	)