v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Taxes  
Income Taxes

11. Income Taxes

Income tax expense (benefit) attributable to income from operations differed from the amount computed by applying the statutory federal income tax rate of 21% as of June 30, 2026 and 2025 to pre-tax income as a result of the following:

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Three Months Ended June 30, 

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Six Months Ended June 30, 

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  ​ ​ ​

2026

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  ​ ​ ​ ​

2025

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2026

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2025

  ​

U.S. federal statutory tax rate

 

$

11,571

​

21.0

%

 

$

8,342

​

21.0

%

​

$

15,308

​

21.0

%

​

$

13,062

​

21.0

%

State and local income taxes, net of federal income tax effect (a)

​

 

2,428

​

4.4

%

​

 

1,752

​

4.4

%

​

 

3,212

​

4.4

%

​

 

2,743

​

4.4

%

Energy related tax credits

​

​

—

​

—

%

​

​

(270)

​

(0.7)

%

​

​

—

​

—

%

​

​

(270)

​

(0.4)

%

Nontaxable or nondeductible and other items

​

 

118

​

0.2

%

​

 

125

​

0.3

%

​

 

107

​

0.2

%

​

 

222

​

0.3

%

Total income tax expense

 

$

14,117

​

25.6

%

 

$

9,949

​

25.0

%

​

$

18,627

​

25.6

%

​

$

15,757

​

25.3

%

(a)State taxes in Florida make up all of the tax effect in this category.

As of June 30, 2026 and December 31, 2025, the Company had income tax payable of $4.6 million and $2.1 million, respectively, included within accounts payable and other liabilities on the condensed consolidated balance sheets.

In general, a valuation allowance is recorded if, based on all available positive and negative evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in future years in the appropriate tax jurisdictions to obtain a benefit from the reversal of deductible temporary differences and from loss carryforwards. As of both June 30, 2026 and December 31, 2025, the Company did not have a valuation allowance.

Significant judgment is required in evaluating the Company's uncertain tax positions and determining its provision for income taxes. The Company regularly assesses the likelihood of adverse outcomes resulting from potential

examinations to determine the adequacy of its provision for income taxes and applies a “more-likely-than-not” in determining the financial statement recognition and measurement of a tax position taken or expected to be taken in the tax returns. The Company has not identified any material unrecognized tax benefits as of June 30, 2026 or December 31, 2025.