Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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		3
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)