Annual report pursuant to Section 13 and 15(d)

Income Tax

v3.8.0.1
Income Tax
12 Months Ended
Dec. 31, 2017
Income Tax  
Income Tax

(3)   Income Taxes

For the years ended December 31, 2015, 2016, and 2017, income tax expense consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2015

 

2016

 

2017

Current income tax expense

$

115

 

 

6,787

 

 

26,261

Deferred income tax expense (benefit)

 

368

 

 

(368)

 

 

 —

     Total income tax expense

$

483

 

 

6,419

 

 

26,261

Income tax expense differs from the amount that would be computed by applying the U.S. statutory federal income tax rate of 35% to income for the years ended December 31, 2015, 2016, and 2017 as a result of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

2015

  

2016

  

2017

Federal income tax expense

$

439

 

 

5,646

 

 

10,005

State income tax expense, net of federal benefit

 

44

 

 

479

 

 

952

Non-deductible equity-based compensation

 

 —

 

 

 —

 

 

13,296

Non-deductible IPO expenses

 

 —

 

 

309

 

 

1,948

Other

 

 —

 

 

(15)

 

 

60

   Provision for income taxes

$

483

 

 

6,419

 

 

26,261

 

Deferred income taxes reflect the impact of temporary differences between assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. At December 31, 2017, we did not have any deferred income taxes.