General form of registration statement for all companies including face-amount certificate companies

INCOME TAXES (Tables)

v3.22.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2020
INCOME TAXES  
Schedule of income tax expense

The following table sets forth income tax expense for the years ended December 31, 2020 and 2019 (stated in thousands):

    

Years Ended December 31,

2020

    

2019

Income tax expense:

Federal

$

$

State

 

 

(3)

 

 

(3)

Deferred tax (benefit) expense:

 

  

  

Federal

 

(1,825)

 

690

State

 

(360)

 

119

 

(2,185)

 

809

Total income tax (benefit) expense

$

(2,185)

$

806

Schedule of deferred tax assets and liabilities

The following table sets forth deferred tax assets and liabilities as of December 31, 2020 and 2019 (stated in thousands):

    

Years Ended December 31,

2020

    

2019

Deferred Tax Assets (Liabilities):

 

  

 

  

Noncurrent:

 

  

 

  

Fixed assets

$

(219)

$

(133)

Stock-based and performance share compensation.

 

2,286

 

4,456

Equity method investments

 

(187)

 

(835)

Accrual to cash adjustment

 

(4,368)

 

(6,916)

Section 163(J) limitation

 

 

81

Net operating loss and carryforward

 

2,211

 

1,357

Intangibles

(10)

Debt issuance costs

32

Accretion expense

(344)

Other

 

 

(20)

Deferred Tax Liabilities, net

$

(599)

$

(2,010)

Schedule of effective tax rate reconciliation

The following table sets forth the effective tax rate reconciliation for the years ended December 31, 2020 and 2019 (stated in thousands):

    

Years Ended December 31,

2020

2019

Reconciliation of effective tax rate:

 

  

 

  

Federal taxes at statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

4.4

%  

3.7

%

Permanent items

 

0.9

%  

(1.6)

%

Performance shares

(13.7)

%  

%

Provision to return adjustment and other

 

0.1

%  

(0.2)

%

Change in rate

(0.4)

%  

%

NOL carryback difference

 

0.3

%  

%

Effective income tax rate

 

12.6

%  

22.9

%