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 Schedule of Consolidated Provision for Income Taxes |
The consolidated provision for (benefit from) income taxes is as follows:
| | | Year Ended December 31, | | | | | 2015 | | 2016 | | 2017 | | | | | (Dollars in thousands) | | | Current: | | | | | | | | | | | | Federal | | $ | | | $ | | | $ | | | | State | | | 249 | | | 229 | | | 63 | | | | | | 249 | | | 229 | | | 63 | | | Deferred: | | | | | | | | | | | | Federal | | | 6,234 | | | 4,938 | | | (21,167) | | | State | | | 212 | | | (595) | | | 234 | | | | | | 6,446 | | | 4,343 | | | (20,933) | | | Provision for (benefit from) income taxes | | $ | 6,695 | | $ | 4,572 | | $ | (20,870) | |
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| Schedule of Consolidated Deferred Tax Asset and Liability |
Consolidated deferred tax assets and liabilities consist of the following:
| | | As of December 31, | | | | | 2016 | | 2017 | | | | | (Dollars in thousands) | | | Deferred tax assets: | | | | | | | | | Financial statement accruals not currently deductible | | $ | 9,324 | | $ | 6,220 | | | Net operating loss, AMT credit and other carryforwards | | | 71,215 | | | 55,720 | | | State taxes | | | 87 | | | 103 | | | Other | | | 740 | | | 2,191 | | | Total deferred tax assets | | | 81,366 | | | 64,234 | | | Valuation allowance for deferred tax assets | | | (4,487) | | | (6,154) | | | Net deferred tax assets | | $ | 76,879 | | $ | 58,080 | | | Deferred tax liabilities: | | | | | | | | | Excess of net book value of property and equipment and software for financial reporting purposes over tax basis | | $ | 2,096 | | $ | 1,218 | | | Excess of net book value of intangible assets for financial reporting purposes over tax basis | | | 128,988 | | | 89,898 | | | Interest rate swap | | | (193) | | | | | | Unrecognized tax benefits | | | | | | | | | Other | | | | | | 45 | | | Total deferred tax liabilities | | | 130,891 | | | 91,161 | | | Net deferred tax liabilities | | $ | (54,012) | | $ | (33,081) | |
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| Schedule of Reconciliation of Net Deferred Tax Liabilities to Financial Instrument |
The following table reconciles the above net deferred tax liabilities to the financial statements: | | | As of December 31, | | | | | 2016 | | 2017 | | | | | (Dollars in thousands) | | | Deferred income tax asset per balance sheet | | $ | 9,411 | | $ | 1,070 | | | Deferred income tax liability per balance sheet | | | (63,423) | | | (34,151) | | | | | $ | (54,012) | | $ | (33,081) | |
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| Schedule of Reconciliation of Statutory Federal Income Tax Rate to Provision for Income Tax |
A reconciliation of the statutory federal income tax rate to the provision for income tax is as follows: | | | Year Ended December 31, | | | | | 2015 | | 2016 | | 2017 | | | | | | | | | | | | | | | | | (Dollars in thousands) | | | Statutory federal income tax rate (at 35%) | | $ | 6,246 | | $ | 4,706 | | $ | 1,321 | | | Effect of state taxes, net of federal | | | 458 | | | (486) | | | (1,207) | | | Permanent items | | | 445 | | | 266 | | | 458 | | | State rate change | | | 23 | | | (1,664) | | | (179) | | | Valuation allowance | | | (181) | | | 1,763 | | | 1,667 | | | Tax Cuts and Jobs Act of 2017 | | | | | | | | | (23,000) | | | Other, net | | | (296) | | | (13) | | | 70 | | | Provision for income taxes | | $ | 6,695 | | $ | 4,572 | | $ | (20,870) | |
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