Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2021, 2020, and 2019 included the following components:

(in thousands)	2021		2020		2019
Current:
Federal	$	381	$	10,722	$	10,511
State	(622)		3,109		3,675
Total Current	(241)		13,831		14,186
Deferred:
Federal	3,070		1,778		(4,668)
State	975		127		(2,261)
Total Deferred	4,045		1,905		(6,929)
Provision for income taxes	$	3,804	$	15,736	$	7,257

Schedule of Reconciliation of Income Tax Provision

The following table reconciles the income tax benefit that would result from application of the statutory federal tax rate, 21%, 21%, and 21% for the years ended December 31, 2021, 2020, and 2019 respectively, to the amount included in the consolidated statement of operations:

(in thousands)	2021		2020		2019
Expected provision at federal statutory rate	$	(31)	$	17,630	$	4,509
Increase (decrease) resulting from:
Non-controlling interest	3,475		(6,464)		(1,329)
Class A Preferred Stock dividends	1,264		1,304		1,341
State income taxes, net of federal income tax effect	1,487		4,145		1,382
Prior year tax adjustments	(996)		(993)		1,060
Non-deductible expenses	(158)		195		256
Rate differential on loss carryback	(1,157)		—		—
Other	(80)		(81)		38
Provision for income taxes	$	3,804	$	15,736	$	7,257

Schedule of Deferred Tax Assets

The components of our deferred tax assets as of December 31, 2021 and 2020 are as follows:

(in thousands)	2021		2020
Deferred Tax Assets:
Investment in Spark HoldCo	$	20,942	$	25,751
Derivative Liabilities	—		416
Intangibles	2,822		1,393
Other	599		531
Total deferred tax assets	24,363		28,091
Deferred Tax Liabilities:
Derivative Liabilities	(245)		—
Other	(203)		(131)
Total deferred tax liabilities	(448)		(131)
Total deferred tax assets/liabilities	$	23,915	$	27,960