Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.10.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense (benefit)
The components of the provision for income taxes for the years ended December 31, 2018, 2017 and 2016 are as follows:
($ in thousands)
2018
 
2017
 
2016
Federal:
 
 
 
 
 
Current
$

 
$
(376
)
 
$

Deferred
48,738

 
3,634

 
(29,082
)
 
48,738

 
3,258

 
(29,082
)
State:
 
 
 
 
 
Current
1,551

 
74

 

Deferred
966

 
(204
)
 
1,110

 
2,517

 
(130
)
 
1,110

Total expense (benefit)
$
51,255

 
$
3,128

 
$
(27,972
)
Schedule of effective income tax rate reconciliation
Reconciliation between the amounts determined by applying the federal statutory rate of 21% for year ended December 31, 2018 and 35% for the years ended December 31, 2017 and 2016 to income tax (expense)/benefit is as follows:
($ in thousands)
2018
 
2017
 
2016
Tax at federal statutory rate
$
47,275

 
$
5,510

 
$
(28,392
)
State taxes, net of federal benefit
1,874

 
176

 
(216
)
Non-deductible expenses
2,423

 
1,582

 
498

Stock-based compensation
(426
)
 
(655
)
 

Valuation allowance
(1,151
)
 
273

 
879

Effect of change in enacted Tax Act

 
(3,448
)
 

Other
1,260

 
(310
)
 
(741
)
Total expense (benefit)
$
51,255

 
$
3,128

 
$
(27,972
)
Schedule of deferred tax assets and liabilities
The significant items giving rise to deferred tax assets (liabilities) at December 31, 2018 and 2017, respectively, are as follows:
($ in thousands)
2018
 
2017
Deferred Income Tax Assets
 
 
 
Accrued liabilities
$
769

 
$
1,264

Allowance for doubtful accounts
21

 
94

Goodwill and other intangible assets
4,010

 
5,304

Stock‑based compensation
2,632

 
2,960

Net operating losses
111,580

 
56,788

Other
63

 
69

Noncurrent deferred tax assets
119,075

 
66,479

Total deferred tax assets
119,075

 
66,479

Valuation allowance

 
(1,151
)
Total deferred tax assets — net
119,075

 
65,328

Deferred Income Tax Liabilities
 
 
 
Property and equipment
(172,164
)
 
(68,811
)
Prepaid expenses
(1,194
)
 
(965
)
Other

 
(131
)
Noncurrent deferred tax liabilities
(173,358
)
 
(69,907
)
Net deferred tax liability
$
(54,283
)
 
$
(4,579
)