Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of income (loss) before income taxes

(in thousands)

Year Ended December 31, 

2023

2022

    

2021

Domestic

$

50,906

$

5,321

$

(6,711)

Foreign

-

-

-

Total

$

50,906

$

5,321

$

(6,711)

Schedule of income tax provision

(in thousands)

Year Ended December 31, 

2023

2022

    

2021

Current Income Tax Expense (Benefit)

Federal

$

23

$

1

$

-

State

172

57

(81)

Total Current Income Tax Expense (Benefit)

195

58

(81)

Deferred Income Tax Expense

Federal

5,697

410

323

State

1,602

56

56

Total Deferred Income Tax Expense

7,299

466

379

Total Income Tax Expense

$

7,494

$

524

$

298

Schedule of reconciliation of federal statutory tax rate

(in thousands, except percentages)

Year Ended December 31, 

2023

2022

2021

$

%

$

%

$

%

Statutory Rate Applied to Income (Loss) Before Taxes

$

10,690

21.0

%

$

1,117

21.0

%

$

(1,409)

21.0

%

Effect of

 

  

 

State Taxes, Net of Federal Benefit

1,444

2.8

%

113

2.1

%

  

45

(0.7)

%

Noncontrolling Interest

(5,155)

(10.1)

%

(617)

(11.6)

%

  

(464)

6.9

%

Return to Provision

190

0.4

%

(259)

(4.9)

%

  

-

-

%

Pre-IPO Non-taxable/Deductible Income

-

-

%

-

-

%

  

2,186

(32.5)

%

Texas Tax Payable Write-off

-

-

%

-

-

%

  

(81)

1.2

%

Other

325

0.6

%

170

3.2

%

  

21

(0.3)

%

Total Effective Tax Rate

$

7,494

14.7

%

$

524

9.8

%

$

298

(4.4)

%

Schedule of deferred tax assets and liabilities

(in thousands)

December 31, 

2023

    

2022

Deferred Income Tax Assets

 

 

  

Net Operating Losses

$

81,787

$

79,725

Interest Expense Carryforward and Other

6,727

3,696

Total Deferred Income Tax Assets

88,514

 

83,421

Valuation Allowance

(608)

 

(608)

Net Deferred Income Tax Assets

87,906

 

82,813

Deferred Income Tax Liabilities

 

 

 

Investment in Partnership

(65,272)

 

(52,389)

Total Deferred Income Tax Liabilities

(65,272)

 

(52,389)

Net Deferred Income Tax Asset

$

22,634

$

30,424