Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of income (loss) before income taxes

(in thousands)

Year Ended December 31, 

2024

2023

    

2022

Domestic

$

70,519

$

50,906

$

5,321

Foreign

-

-

-

Total

$

70,519

$

50,906

$

5,321

Schedule of income tax provision

(in thousands)

Year Ended December 31, 

2024

2023

    

2022

Current Income Tax Expense

Federal

$

1,265

$

23

$

1

State

387

172

57

Total Current Income Tax Expense

1,652

195

58

Deferred Income Tax Expense

Federal

6,363

5,697

410

State

2,326

1,602

56

Total Deferred Income Tax Expense

8,689

7,299

466

Total Income Tax Expense

$

10,341

$

7,494

$

524

Schedule of reconciliation of federal statutory tax rate

(in thousands, except percentages)

Year Ended December 31, 

2024

2023

2022

$

%

$

%

$

%

Statutory Rate Applied to Income Before Taxes

$

14,809

21.0

%

$

10,690

21.0

%

$

1,117

21.0

%

Effect of

 

State Taxes, Net of Federal Benefit

2,188

3.1

%

1,444

2.8

%

113

2.1

%

Noncontrolling Interest

(7,042)

(10.0)

%

(5,155)

(10.1)

%

(617)

(11.6)

%

Return to Provision

(84)

(0.1)

%

190

0.4

%

(259)

(4.9)

%

Other

470

0.7

%

325

0.6

%

170

3.2

%

Total Effective Tax Rate

$

10,341

14.7

%

$

7,494

14.7

%

$

524

9.8

%

Schedule of deferred tax assets and liabilities

(in thousands)

December 31, 

2024

    

2023

Deferred Income Tax Assets

 

 

  

Net Operating Losses

$

74,956

$

81,787

Interest Expense Carryforward and Other

7,171

6,727

Total Deferred Income Tax Assets

82,127

 

88,514

Valuation Allowance

(608)

 

(608)

Net Deferred Income Tax Assets

81,519

 

87,906

Deferred Income Tax Liabilities

 

 

 

Investment in Partnership

(68,070)

 

(65,272)

Total Deferred Income Tax Liabilities

(68,070)

 

(65,272)

Net Deferred Income Tax Asset

$

13,449

$

22,634