Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of (Benefit From) Provision For Income Taxes

The provision for (benefit from) income taxes for years ending December 31, 2023, 2022 and 2021 are as follows:


	December 31,
(Dollars in Thousands)	2023		2022		2021
Current:
Federal	$	—	$	—	$	—
State and Local	528		509		345
Total current	528		509		345

Deferred:
Federal	6,221		(5,478)		(23,650)
State and Local	1,244		(1,547)		(4,552)
Total deferred	7,465		(7,025)		(28,202)
Total provision for (benefit from) incomes taxes	$	7,993	$	(6,516)	$	(27,857)

Schedule of Deferred Tax Assets and Liabilities

Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are as follows:


(Dollars in Thousands)	December 31, 2023		December 31, 2022
Deferred tax assets
Net operating loss carryforwards	$	22,071	$	25,610
Stock compensation	19,598		22,808
Lease liability	2,581		3,010
Other accruals	74		437
Total gross tax assets	44,324		51,865
Less: valuation allowance	—		—
Total deferred tax assets	44,324		51,865

Deferred tax liabilities
Fixed and intangible assets	(7,302)		(9,418)
Right-of-use asset	(1,822)		(2,079)
Total deferred tax liabilities	(9,124)		(11,497)
Deferred tax assets, net	$	35,200	$	40,368

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income tax computed at the U.S. federal statutory income tax rate to the benefit from income taxes:


	Amount						Percent
	December 31,						December 31,
(Dollars in Thousands)	2023		2022		2021		2023		2022		2021
Tax provision (benefit) computed at Federal statutory income tax rate	$	6,094	$	(3,901)	$	(45,806)	21.0	%	21.0	%	21.0	%
Stock compensation	(22)		(2,241)		21,399		(0.1)		12.1		(9.8)
State tax expense, net of Federal benefit	2,140		(707)		(4,280)		7.4		3.8		2.0

Rate change	(115)		(538)		10		(0.4)		2.9		—
Non-controlling interest	331		722		488		1.1		(3.9)		(0.2)
Other	(435)		149		332		(1.5)		(0.8)		(0.2)
Provision for (benefit from) income taxes	$	7,993	$	(6,516)	$	(27,857)	27.5	%	35.1	%	12.8	%