|12 Months Ended|
Dec. 31, 2020
12. INCOME TAXES
A valuation allowance must be established for deferred tax assets when it is more-likely-than-not that they will not be realized. After review of all available positive and negative evidence, the Company has determined that no valuation allowance was required for the deferred tax assets as of December 31, 2020 or December 31, 2019. As of December 31, 2020, there are no valuation allowances in place.
At December 31, 2020, the net deferred tax liability of $165.8 million consisted of net long-term deferred tax assets of $2.7 million and net long-term deferred tax liabilities of $168.6 million. At December 31, 2019, the net deferred tax liability of $171.0 million consisted of net long-term deferred tax assets of $4.3 million and net long-term deferred tax liabilities of $175.3 million. The deferred assets and deferred liabilities show the State deferreds net of Federal benefit.
Of the deferred tax asset related to the net operating loss at December 31, 2020, $7.5 million will expire between 2021 and 2039. Of the deferred tax asset related to the net operating loss at December 31, 2019, $12.7 million will expire between 2021 and 2038.
A reconciliation of the U.S. Federal statutory tax rate to the income tax expense (benefit) on income was as follows:
A tax benefit of $7.8 million, $6.3 million and $3.2 million related to share based compensation was recognized in income tax expense for the years ended December 31, 2020, 2019, and 2018, respectively.
We file income tax returns in the U.S. Federal jurisdiction and various state and local jurisdictions. With few exceptions, we are no longer subject to income tax examinations on filed returns for years before 2017.
As of December 31, 2020, there are no liabilities related to uncertain tax positions.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef