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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes  
Schedule of components of income tax expense (benefit)

Year Ended December 31,

    

2020

    

2019

    

2018

Current:

 

  

 

  

 

  

Federal

$

63,932

$

57,354

$

60,764

State

 

8,875

 

(1,344)

 

8,732

 

72,807

 

56,010

 

69,496

Deferred:

 

  

 

  

 

  

Federal

 

2,842

 

2,804

 

(10,708)

State

 

295

 

(487)

 

(799)

 

3,137

 

2,317

 

(11,507)

Tax expense recorded as an increase of paid-in capital

 

 

 

$

75,944

$

58,327

$

57,989

Schedule of effective income tax rate reconciliation

Year Ended December 31,

 

    

2020

    

2019

    

2018

 

Statutory U.S. federal income tax rate

 

21.0

%  

21.0

%  

21.0

%

State income taxes, net of federal tax benefit

 

2.4

 

2.4

 

4.0

State tax credits, net of federal effect

 

(1.2)

 

(1.0)

 

(1.0)

Excess tax benefits

 

(0.4)

 

(2.3)

 

(3.7)

Nondeductible expenses

 

 

0.1

 

0.4

Other

 

1.0

 

(1.8)

 

(0.5)

Effective income tax rate

 

22.8

%  

18.4

%  

20.2

%

Schedule of deferred tax assets and liabilities

Significant components of the Company’s deferred income tax assets and liabilities, included in Deferred income taxes, non-current on the consolidated balance sheets are as follows:

    

As of December 31, 

    

As of December 31, 

    

2020

    

2019

Deferred tax assets:

 

  

 

  

Share-based compensation

$

2,535

$

2,499

Employee compensation

 

832

 

614

Allowance for credit losses

 

1,200

 

Intangibles

 

20,633

 

23,693

State taxes

 

2,787

 

1,764

Other

 

964

 

432

Deferred tax assets

 

28,951

 

29,002

Deferred tax liability:

 

  

 

  

Property and equipment

 

(12,764)

 

(10,865)

Goodwill

 

(36,295)

 

(36,295)

Other

 

(180)

 

(162)

Deferred tax liability

 

(49,239)

 

(47,322)

Net deferred tax liability

$

(20,288)

$

(18,320)

The net deferred tax liability on the accompanying consolidated balance sheet is comprised of the following:

    

As of December 31, 

    

As of December 31, 

    

2020

    

2019

Deferred income taxes, current

$

4,639

$

2,215

Deferred income taxes, non-current

 

(24,927)

 

(20,535)

Net deferred tax liability

$

(20,288)

$

(18,320)

Reconciliation of the beginning and ending balance of unrecognized tax benefits

    

2020

    

2019

Unrecognized tax benefits, beginning of year

$

6,773

$

1,960

Tax positions taken during the current year

 

  

 

  

Increases

 

4,521

 

5,671

Decreases

 

 

Tax positions taken during a prior year

 

  

 

  

Increases

 

962

 

96

Decreases

 

 

Decreases for settlements during the period

 

(235)

 

Reductions for lapses of applicable statute of limitations

 

(703)

 

(954)

Unrecognized tax benefits, end of year

$

11,318

$

6,773