Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
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,
2021 2020 2019
Federal:
Current
$ (52) $ —  $ — 
Deferred
(15,143) (27,104) 47,090 
(15,195) (27,104) 47,090 
State:
Current
88  221  1,736 
Deferred
855  (597) 1,668 
943  (376) 3,404 
Total income tax expense
$ (14,252) $ (27,480) $ 50,494 
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, 2021, 2020 and 2019 to income tax (benefit) expense is as follows:
($ in thousands)
Year Ended December 31,
2021 2020 2019
Taxes at federal statutory rate
$ (14,372) $ (28,245) $ 44,836 
State taxes, net of federal benefit
61  154  2,504 
Non-deductible expenses
745  314  3,683 
Stock-based compensation
(2,549) 751  (717)
Valuation allowance
825  868  — 
Other
1,038  (1,322) 188 
Total income tax (benefit) expense
$ (14,252) $ (27,480) $ 50,494 
Schedule of deferred tax assets and liabilities The significant items giving rise to deferred tax assets (liabilities) are as follows:
($ in thousands)
December 31,

2021 2020
Deferred Income Tax Assets
Accrued liabilities
$ 911  $ 472 
Allowance for credit losses 46  316 
Goodwill and other intangible assets
2,161  3,408 
Stock‑based compensation
3,382  4,015 
Net operating losses
87,822  85,827 
Other
56  56 
Total deferred tax assets
94,378  94,094 
Valuation allowance
(1,693) (868)
Total deferred tax assets — net
$ 92,685  $ 93,226 
Deferred Income Tax Liabilities
Property and equipment
$ (152,624) $ (166,494)
Prepaid expenses
(1,113) (2,073)
Total deferred tax liabilities
$ (153,737) $ (168,567)
Net deferred tax liabilities
$ (61,052) $ (75,341)