Provision for Income Taxes (Tables)
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12 Months Ended |
Sep. 30, 2019 |
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| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The provision for income taxes for the fiscal years ended September 30, 2019 and 2018 consisted of the following (in thousands):
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For the Fiscal Year Ended
September 30, |
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|
|
2019 |
|
2018 |
| Current |
|
|
|
| U.S. Federal |
$ |
9,780 |
|
|
$ |
9,380 |
|
| State |
1,132 |
|
|
1,626 |
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| Total current |
10,912 |
|
|
11,006 |
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| Deferred |
|
|
|
|
| U.S. Federal |
2,203 |
|
|
(1,003) |
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| State |
794 |
|
|
522 |
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| Total deferred |
2,997 |
|
|
(481) |
|
| Provision for income taxes |
$ |
13,909 |
|
|
$ |
10,525 |
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|
|
|
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| Schedule of Deferred Tax Assets and Liabilities |
The Company’s deferred tax assets and liabilities consisted of the following temporary difference tax effects at September 30, 2019 and 2018 (in thousands):
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September 30, |
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|
|
2019 |
|
2018 |
| Deferred tax assets |
|
|
|
| Allowance for bad debt |
$ |
425 |
|
|
$ |
444 |
|
| Amortization of finite-lived intangible assets |
487 |
|
|
499 |
|
| State net operating loss |
1,330 |
|
|
1,695 |
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|
|
|
|
| Accrued insurance claims |
1,332 |
|
|
1,202 |
|
|
|
|
|
| Total deferred tax assets, net |
3,574 |
|
|
3,840 |
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| Deferred tax liabilities |
|
|
|
|
| Amortization of goodwill |
(4,278) |
|
|
(3,925) |
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| Property, plant and equipment |
(9,525) |
|
|
(7,162) |
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| Other |
(78) |
|
|
(63) |
|
| Total deferred tax liabilities, net |
(13,881) |
|
|
(11,150) |
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| Net deferred tax assets (liabilities) |
$ |
(10,307) |
|
|
$ |
(7,310) |
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|
|
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|
| Reconciliation Of Net Deferred Tax Assets (Liabilities) |
The following is a reconciliation of net deferred tax assets (liabilities) to amounts reflected on the Company’s Consolidated Balance Sheets at September 30, 2019 and 2018 (in thousands):
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September 30, |
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|
|
2019 |
|
2018 |
| Asset: Deferred income taxes, net |
$ |
1,173 |
|
|
$ |
1,580 |
|
| Liability: Deferred income taxes, net |
(11,480) |
|
|
(8,890) |
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| Net deferred tax assets (liabilities) |
$ |
(10,307) |
|
|
$ |
(7,310) |
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|
|
|
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| Schedule of Effective Income Tax Rate Reconciliation |
The following table reconciles income taxes based on the U.S. federal statutory tax rate to the Company’s income before provision for income taxes for the fiscal years ended September 30, 2019 and 2018 (in thousands):
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For the Fiscal Year Ended
September 30, |
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|
|
2019 |
|
2018 |
| Provision for income tax at federal statutory rate |
$ |
11,976 |
|
|
$ |
15,023 |
|
| State income taxes |
1,521 |
|
|
1,622 |
|
| Change in deferred federal income taxes due to Tax Act |
— |
|
|
(4,552) |
|
| Permanent differences |
319 |
|
|
(2,282) |
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| Other |
93 |
|
|
714 |
|
| Provision for income taxes |
$ |
13,909 |
|
|
$ |
10,525 |
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