Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit) The components of the provision for income taxes are as follows:
($ in thousands)
Year Ended December 31,
2020 2019 2018
Federal:
Current
$ —  $ —  $ — 
Deferred
(27,104) 47,090  48,738 
(27,104) 47,090  48,738 
State:
Current
221  1,736  1,551 
Deferred
(597) 1,668  966 
(376) 3,404  2,517 
Total income tax expense
$ (27,480) $ 50,494  $ 51,255 
Schedule of effective income tax rate reconciliation Reconciliation between the amounts determined by applying the federal statutory rate of 21% for years ended December 31, 2020, 2019 and 2018 to income tax (benefit) expense is as follows:
($ in thousands)
Year Ended December 31,
2020 2019 2018
Taxes at federal statutory rate
$ (28,245) $ 44,836  $ 47,275 
State taxes, net of federal benefit
154  2,504  1,874 
Non-deductible expenses
314  3,683  2,423 
Stock-based compensation
751  (717) (426)
Valuation allowance
868  —  (1,151)
Other
(1,322) 188  1,260 
Total income tax (benefit) expense
$ (27,480) $ 50,494  $ 51,255 
Schedule of deferred tax assets and liabilities The significant items giving rise to deferred tax assets (liabilities) are as follows:
($ in thousands)
December 31,

2020 2019
Deferred Income Tax Assets
Accrued liabilities
$ 472  $ 633 
Allowance for credit losses 316  224 
Lease liabilities
—  605 
Goodwill and other intangible assets
3,408  2,724 
Stock‑based compensation
4,015  3,438 
Net operating losses
85,827  66,311 
Other
56  55 
Total deferred tax assets
94,094  73,990 
Valuation allowance
(868) — 
Total deferred tax assets — net
$ 93,226  $ 73,990 
Deferred Income Tax Liabilities
Property and equipment
$ (166,494) $ (176,404)
Prepaid expenses
(2,073) (627)
Total deferred tax liabilities
$ (168,567) $ (177,031)
Net deferred tax liabilities
$ (75,341) $ (103,041)