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

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2021
INCOME TAXES  
Schedule of income tax expense

The following table sets forth income tax expense for the years ended December 31, 2021 and 2020 (stated in thousands):

    

Years Ended December 31,

2021

    

2020

Income tax expense:

Federal

$

$

State

 

30

 

 

30

 

Deferred tax benefit:

 

  

  

Federal

 

(707)

 

(1,825)

State

 

(152)

 

(360)

 

(859)

 

(2,185)

Total income tax benefit

$

(829)

$

(2,185)

Schedule of deferred tax assets and liabilities

The following table sets forth deferred tax assets and liabilities as of December 31, 2021 and 2020 (stated in thousands):

    

Years Ended December 31,

2021

    

2020

Deferred Tax Assets (Liabilities):

 

  

 

  

Noncurrent:

 

  

 

  

Fixed assets

$

(185)

$

(219)

Stock-based and performance share compensation.

 

1,977

 

2,286

Equity method investments

 

(149)

 

(187)

Accrual to cash adjustment

 

(7,549)

 

(4,368)

Net operating loss and carryforward

 

5,762

 

2,211

Intangibles

(34)

(10)

Debt issuance costs

20

32

Accretion expense

(443)

(344)

Deferred Tax Liabilities, net

$

(601)

$

(599)

Schedule of effective tax rate reconciliation

The following table sets forth the effective tax rate reconciliation for the years ended December 31, 2021 and 2020 (stated in thousands):

    

Years Ended December 31,

2021

    

2020

Reconciliation of effective tax rate:

 

  

 

  

Federal taxes at statutory rate

 

21.0

%  

21.0

%

State taxes, net of federal benefit

 

2.8

%  

4.4

%

Permanent items

 

(0.8)

%  

0.9

%

Performance shares

%  

(13.7)

%

Provision to return adjustment and other

 

(2.3)

%  

0.1

%

Change in rate

3.8

%  

(0.4)

%

NOL carryback difference

 

(1.4)

%  

0.3

%

Effective income tax rate

 

23.1

%  

12.6

%