Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Significant Components of Deferred Tax Assets and Liabilities |
Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows (amounts in thousands):
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2020 |
|
2019 |
| Deferred tax assets: |
|
|
|
|
| Allowance for uncollectible accounts |
|
$ |
8,065 |
|
|
$ |
8,181 |
|
| Accrued employee benefits |
|
8,247 |
|
|
7,404 |
|
| Stock compensation |
|
2,373 |
|
|
2,037 |
|
| Accrued self-insurance |
|
6,596 |
|
|
6,688 |
|
| Acquisition costs |
|
1,635 |
|
|
1,569 |
|
| Net operating loss carry forward |
|
6,084 |
|
|
6,661 |
|
| Intangible asset impairment |
|
10 |
|
|
14 |
|
| Lease payable |
|
25,667 |
|
|
24,751 |
|
| Government stimulus advance |
|
19,114 |
|
|
— |
|
| Payroll tax |
|
11,750 |
|
|
— |
|
| Other |
|
285 |
|
|
332 |
|
| Gross deferred tax assets |
|
89,826 |
|
|
57,637 |
|
| Less: valuation allowance |
|
(3,876) |
|
|
(3,850) |
|
| Net deferred tax assets |
|
$ |
85,950 |
|
|
$ |
53,787 |
|
| Deferred tax liabilities: |
|
|
|
|
| Amortization of intangible assets |
|
(85,826) |
|
|
(73,512) |
|
| Tax depreciation in excess of book depreciation |
|
(14,065) |
|
|
(9,247) |
|
| Prepaid expenses |
|
(1,538) |
|
|
(1,287) |
|
| Non-accrual experience accounting method |
|
(743) |
|
|
(1,468) |
|
| Right of use asset |
|
(25,202) |
|
|
(24,044) |
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| Other |
|
(5,813) |
|
|
(4,727) |
|
| Deferred tax liabilities |
|
(133,187) |
|
|
(114,285) |
|
| Net deferred tax liability |
|
$ |
(47,237) |
|
|
$ |
(60,498) |
|
|
| Income Tax Expense (Benefit) from Continuing Operations, Less Noncontrolling Interest |
The components of the Company’s income tax expense from continuing operations, less noncontrolling interest, were as follows (amounts in thousands):
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2020 |
|
2019 |
|
2018 |
| Current: |
|
|
|
|
|
|
| Federal |
|
$ |
37,253 |
|
|
$ |
4,678 |
|
|
$ |
892 |
|
| State |
|
12,232 |
|
|
3,528 |
|
|
3,382 |
|
|
|
49,485 |
|
|
8,206 |
|
|
4,274 |
|
| Deferred: |
|
|
|
|
|
|
| Federal |
|
(10,800) |
|
|
14,549 |
|
|
15,383 |
|
| State |
|
(2,642) |
|
|
3,852 |
|
|
2,742 |
|
|
|
(13,442) |
|
|
18,401 |
|
|
18,125 |
|
| Total income tax expense |
|
$ |
36,043 |
|
|
$ |
26,607 |
|
|
$ |
22,399 |
|
|
| Statutory Rate and Provisions for Income Taxes |
A reconciliation of the difference between the federal statutory tax rate and the Company's effective tax rate for income taxes for each period is as follows:
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2020 |
|
2019 |
|
2018 |
| Federal statutory tax rate |
|
21.0 |
% |
|
21.0 |
% |
|
21.0 |
% |
| State income taxes, net of federal benefit |
|
5.2 |
|
|
4.8 |
|
|
5.7 |
|
| Nondeductible expenses |
|
1.9 |
|
|
1.8 |
|
|
2.6 |
|
| Uncertain tax position |
|
1.5 |
|
|
(0.9) |
|
|
(1.3) |
|
| Cares Act Enactment |
|
(2.9) |
|
|
— |
|
|
— |
|
| Excess tax benefit |
|
(1.7) |
|
|
(2.5) |
|
|
(2.6) |
|
| Credits and other |
|
(0.6) |
|
|
(2.5) |
|
|
0.7 |
% |
| Effective tax rate |
|
24.4 |
% |
|
21.7 |
% |
|
26.1 |
% |
|
| Schedule of Unrecognized Tax Benefits |
A reconciliation of the total amounts of unrecognized tax benefits follows:
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Unrecognized tax benefits |
| As of January 1, 2019 |
|
$ |
4,297 |
|
| Acquired unrecognized tax position |
|
— |
|
| Increased (decreased) in unrecognized tax benefits as a result of: |
|
|
| Tax positions taken in the current year |
|
873 |
|
| Lapse of statute of limitations |
|
(1,303) |
|
| As of December 31, 2019 |
|
$ |
3,867 |
|
| Increased (decreased) in unrecognized tax benefits as a result of: |
|
|
| Tax positions taken in the current year |
|
2,391 |
|
| Lapse of statute of limitations |
|
(55) |
|
| As of December 31, 2020 |
|
$ |
6,203 |
|
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