Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 188

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 188
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 the years ended  December 31, 2024, 2023 and 2022 is presented in the following table:

       2024    2023    2022  
   (in thousands)  
   Amount    Percent    Amount    Percent    Amount    Percent  
                         
 Federal income tax at statutory rate  $(8,725)  21.0  $6,002   21.0  $24,991   21.0 
 Nondeductible per diem and meals   247   (0.6)  371   1.3   -   - 
 State income taxes/other, net   (1,273)  3.1   3,790   13.3   3,344   2.8 
                         
 Total income tax expense  $(9,751)  23.5  $10,163   35.6  $28,335   23.8 

   The provision (benefit) for income taxes consisted of the following:

       2024    2023    2022  
   (in thousands)  
 Current:             
 Federal  $945  $4,697  $10,673 
 State   1,089   2,580   3,121 
 Total current income tax provision   2,034   7,277   13,794 
 Deferred:             
 Federal   (9,248)  944   12,920 
 State   (2,537)  1,942   1,621 
 Total deferred income tax provision   (11,785)  2,886   14,541 
             
 Total income tax provision expense  $(9,751) $10,163  $28,335 

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     50 -

   In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740-10-30, weighs all available evidence, both positive and negative to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals