Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Provision (Benefit) for Income Taxes

Income before provision (benefit) for income taxes consisted of the following:

(in thousands)	Year Ended December 31,
	2023		2022		2021
U.S.	$	234,188	$	149,759	$	121,660
Foreign		228		261		96
	$	234,416	$	150,020	$	121,756

Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consisted of the following:

(in thousands)	Year Ended December 31,
	2023			2022			2021
Current:
U.S. Federal	$	57,176		$	19,480		$	(1,692	)
State		(5,587	)		8,708			5,360
Foreign		1,847			2,208			2,035
		53,436			30,396			5,703
Deferred:
U.S. Federal		4,892			4,563			23,433
State		1,481			(68	)		2,896
Foreign		(14	)		(9	)		19
		6,359			4,486			26,348
Total	$	59,795		$	34,882		$	32,051

Reconciliation of U.S. Federal Statutory Tax Rate to Company's Effective Tax Rate

The reconciliation of the U.S. federal statutory tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2023			2022			2021
U.S. federal statutory rate		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		4.9			4.9			5.1
State deferred tax apportionment change, net of federal benefit		(0.2	)		(1.1	)		1.6
Non-deductible transaction costs		0.3			—			—
Non-deductible executive compensation		0.4			0.6			0.8
Share-based compensation		(1.2	)		(1.7	)		(2.1	)
Enactment of the Tax Cuts and Jobs Act		(0.2	)		(0.2	)		—
Other		0.5			(0.2	)		(0.1	)
		25.5	%		23.3	%		26.3	%

Deferred Income Taxes Related to Temporary Differences between Tax Bases of Assets and Liabilities

The following table shows the deferred income taxes related to the temporary differences between the tax bases of assets and liabilities and the respective amounts included in “Deferred income taxes, net” on the Company’s Consolidated Balance Sheets:

(in thousands)	December 31,
	2023		2022
Deferred tax liabilities:
Accelerated depreciation	$	273,503	$	249,568
Prepaid costs currently deductible		12,567		8,646
Other		6,767		8,124
Total deferred tax liabilities		292,837		266,338
Deferred tax assets:
Accrued costs not yet deductible		13,742		12,207
Allowance for doubtful accounts		713		588
Net operating loss carry-forward		28,670		—
Deferred revenues		5,439		4,069
Share-based compensation		2,718		2,563
Total deferred tax assets, net of valuation allowance of $0.2 million in 2023 and 2022		51,282		19,427
Deferred income taxes, net	$	241,555	$	246,911