Income Taxes Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of Components of Income Tax Expense (Benefit) |
The provision (benefit) for income taxes for the years ended December 31, 2015, 2016 and 2017 consisted of the following (in thousands): | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2016 | | 2017 | Current: | | | | | | U. S. federal provision | $ | 9,840 |
| | $ | 6,609 |
| | $ | 6,425 |
| State provision | 862 |
| | 1,195 |
| | 815 |
| Total current provision | $ | 10,702 |
| | $ | 7,804 |
| | $ | 7,240 |
| Deferred: | | | | | | U. S. federal provision (benefit) | $ | 1,928 |
| | $ | 3,475 |
| | $ | (12,881 | ) | State provision | 1,107 |
| | 1,381 |
| | 1,230 |
| Total deferred provision (benefit) | $ | 3,035 |
| | $ | 4,856 |
| | $ | (11,651 | ) | Total income tax provision (benefit) | $ | 13,737 |
| | $ | 12,660 |
| | $ | (4,411 | ) |
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| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of taxes calculated at the U.S. federal statutory rate to those reflected in the Consolidated Statements of Operations for the years ended December 31, 2015, 2016 and 2017 is as follows (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2015 | | 2016 | | 2017 | | | Amount | | Percent | | Amount | | Percent | | Amount | | Percent | | Federal statutory rate | $ | 12,105 |
| | 35.0 |
| % | $ | 11,300 |
| | 35.0 | % | $ | 11,474 |
| | 35.0 |
| % | Effect of state income taxes, net of federal benefit | 1,618 |
| | 4.7 |
| | 1,127 |
| | 3.5 | | 1,304 |
| | 4.0 |
| | Effect of non-deductible expenses and other, net | 155 |
| | 0.4 |
| | 213 |
| | 0.7 | | (36 | ) | | (0.1 | ) | | Change in valuation allowance | (141 | ) | | (0.4 | ) | | 20 |
| | 0.1 | | 23 |
| | 0.1 |
| | Re-measurement of deferred taxes due to tax reform | — |
| | — |
| | — |
| | — | | (17,176 | ) | | (52.4 | ) | | Total | $ | 13,737 |
| | 39.7 |
| % | $ | 12,660 |
| | 39.3 | % | $ | (4,411 | ) | | (13.5 | ) | % |
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| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of temporary differences from total operations that give rise to significant deferred tax assets and liabilities at December 31, 2016 and 2017 were as follows (in thousands): | | | | | | | | | | Year Ended December 31, | | 2016 | | 2017 | Deferred income tax assets: | | | | Net operating loss carryforwards | $ | 1,947 |
| | $ | 1,978 |
| Tax credit carryforwards | 135 |
| | 133 |
| State bonus depreciation | 373 |
| | 494 |
| Accrued liabilities and other | 11,163 |
| | 6,136 |
| Amortization of non-compete agreements | 1,433 |
| | 873 |
| Preneed liabilities, net | 9,315 |
| | 5,239 |
| Total deferred income tax assets | 24,366 |
| | 14,853 |
| Less valuation allowance | (209 | ) | | (244 | ) | Total deferred income tax assets | $ | 24,157 |
| | $ | 14,609 |
| Deferred income tax liabilities: | | | | Depreciation and amortization | $ | (57,716 | ) | | $ | (41,447 | ) | Convertible subordinated notes due 2021 | (8,636 | ) | | (4,096 | ) | Prepaids and other | (615 | ) | | (225 | ) | Total deferred income tax liabilities | (66,967 | ) | | (45,768 | ) | Total net deferred tax liabilities | $ | (42,810 | ) | | $ | (31,159 | ) | Current deferred tax asset | $ | — |
| | $ | — |
| Non-current deferred tax liabilities | (42,810 | ) | | (31,159 | ) | Total net deferred tax liabilities | $ | (42,810 | ) | | $ | (31,159 | ) |
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| Schedule of Unrecognized Tax Benefits Roll Forward |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2016 | | 2017 | Unrecognized tax benefit at beginning of year | $ | 515 |
| | $ | 814 |
| | $ | — |
| Reductions based on tax positions related to the prior year | — |
| | (17 | ) | | — |
| Reductions for tax year 2011 federal audit | — |
| | (568 | ) | | — |
| Additions (reductions) based on tax positions related to the current year | 299 |
| | (229 | ) | | — |
| Reductions as a result of a lapse of the applicable statute of limitations | — |
| | — |
| | — |
| Unrecognized tax benefit at end of year | $ | 814 |
| | $ | — |
| | $ | — |
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