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TAXES (Tables)
12 Months Ended
Dec. 31, 2021
TAXES  
Schedule of income tax provision (benefit)

The Company’s income tax provision (benefit) consists of the following (in thousands):

Years ended December 31, 

    

2021

    

2020

    

2019

 

Federal

 

$

10,091

 

$

(24,576)

 

$

6,080

State

 

265

 

123

 

336

Current tax provision (benefit)

 

10,356

 

(24,453)

 

6,416

Federal

 

4,836

 

15,096

 

1,215

State

 

1,691

 

677

 

129

Deferred tax provision (benefit)

 

6,527

 

15,773

 

1,344

Total tax provision (benefit)

 

$

16,883

 

$

(8,680)

 

$

7,760

Schedule of income tax provision differences to federal statutory rate

Years ended December 31, 

    

2021

    

2020

    

2019

Federal tax at the statutory rate

 

21.00

%  

21.00

%  

21.00

%

State tax (net of federal benefit)

 

1.47

%  

1.11

%  

1.00

%

Permanent items

 

0.38

%  

3.52

%  

0.90

%

Tax credits

 

(0.25)

%  

(2.82)

%  

(0.84)

%

Excess tax benefits on stock-based compensation

(3.14)

%  

(17.89)

%  

(2.49)

%

Impact of CARES Act

%  

(65.55)

%  

%

Change in Tax Rate and Apportionment

0.34

%  

4.31

%  

%

Other

 

(0.02)

%  

(1.56)

%  

0.04

%

 

19.78

%  

(57.88)

%  

19.61

%

Schedule of components of the deferred income tax assets and liabilities

The components of the deferred income tax assets and liabilities at December 31, 2021 and 2020, as presented in the consolidated balance sheets, are as follows (in thousands):

    

2021

    

2020

 

DEFERRED TAX ASSETS

Stock-based compensation

 

$

3,231

 

$

3,011

Compensation and benefits

 

751

 

580

Accrued expenses

 

288

 

486

Right of use lease liability

3,350

3,425

Federal deduction on state taxes

155

Bad debt reserves

 

16

 

26

Charitable contribution carry-forwards

63

Other reserves

40

33

NOLs & credit carry-forwards

 

1,014

 

2,440

Deferred income tax asset

 

$

8,845

 

$

10,064

DEFERRED TAX LIABILITIES

Intangibles and amortization

$

$

(86)

Prepaid expenses

 

(1,547)

 

(1,234)

Fixed assets and depreciation

 

(23,504)

 

(18,136)

Right of use asset

(3,351)

(3,422)

Base stock

 

(60)

 

(249)

Federal deduction on state taxes

 

 

(27)

Deferred income tax liability

 

$

(28,462)

 

$

(23,154)

NET DEFERRED INCOME TAX (LIABILITY) ASSET

 

$

(19,617)

 

$

(13,090)