Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
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,
2022 2021 2020
Federal:
Current
$ —  $ (52) $ — 
Deferred
4,157  (15,143) (27,104)
4,157  (15,195) (27,104)
State:
Current
1,143  88  221 
Deferred
56  855  (597)
1,199  943  (376)
Total income tax expense
$ 5,356  $ (14,252) $ (27,480)
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, 2022, 2021 and 2020 to income tax (benefit) expense is as follows:
($ in thousands)
Year Ended December 31,
2022 2021 2020
Taxes at federal statutory rate
$ 1,551  $ (14,372) $ (28,245)
State taxes, net of federal benefit
709  61  154 
Section 162(m) limitation 3,423  616 
Stock-based compensation
(767) (2,549) 751 
Valuation allowance
(336) 825  868 
Other
776  1,167  (1,011)
Total income tax (benefit) expense
$ 5,356  $ (14,252) $ (27,480)
Schedule of deferred tax assets and liabilities The significant items giving rise to deferred tax assets (liabilities) are as follows:
($ in thousands)
December 31,
2022 2021
Deferred Income Tax Assets
Accrued liabilities
$ 1,280  $ 911 
Allowance for credit losses 88  46 
Goodwill and other intangible assets
2,451  2,161 
Stock‑based compensation
3,658  3,382 
Net operating losses
90,397  87,822 
Other
490  56 
Total deferred tax assets
98,364  94,378 
Valuation allowance
(1,357) (1,693)
Total deferred tax assets — net
$ 97,007  $ 92,685 
Deferred Income Tax Liabilities
Property and equipment
$ (161,195) $ (152,624)
Prepaid expenses
(1,077) (1,113)
Total deferred tax liabilities
$ (162,272) $ (153,737)
Net deferred tax liabilities
$ (65,265) $ (61,052)