Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The provision for income taxes consists of the following:

	Years Ended December 31,
	2022		2021		2020
	(in thousands)
Current	$	37,489	$	6,755	$	9,939
Deferred	(13,332)		3,669		13,027
Income tax provision	$	24,157	$	10,424	$	22,966

Federal Statutory Income Tax Rate Reconciliation

The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows: 

	Years Ended December 31,
	2022		2021		2020
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of Federal benefit	4.1	%	1.8	%	5.3	%
Change in valuation allowance	—	%	1.0	%	—	%
Excess tax benefits related to share-based compensation (Note 14)	(2.4)	%	(7.8)	%	(3.2)	%
Return to provision	(0.3)	%	—	%	0.1	%
Research and development tax credits	(2.1)	%	(1.1)	%	(0.9)	%
Other	(0.9)	%	0.2	%	0.2	%
Effective tax rate	19.4	%	15.1	%	22.5	%

Deferred Tax Assets and Liabilities

The significant components of the Company’s deferred tax assets and liabilities are as follows:

 

	December 31,
	2022		2021
	(in thousands)
Deferred income tax assets (liabilities):
Allowance for credit losses and inventory reserves	$	1,337	$	625
Warranty accrual	4,184		3,675
Other accruals	4,814		1,406
Share-based compensation	7,440		7,568
Research & development expenses	11,265		—
Oklahoma investment credit carryforward	3,115		3,404
Other, net	2,339		4,112
	34,494		20,790
Valuation allowance	(3,115)		(3,404)
Net deferred income tax assets	31,379		17,386
Property & equipment	(50,040)		(49,379)
Total deferred income tax liabilities	(50,040)		(49,379)
Net deferred income tax liabilities	$	(18,661)	$	(31,993)