Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Components of Income Tax Expense

The components of the Company's consolidated provision for income taxes from operations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Current income tax expense:
Federal	$	(76)	$	142	$	4,705	$	1,442
State	133		291		747		486
Total current income tax expense	$	57	$	433	$	5,452	$	1,928
Deferred income tax expense:
Federal	$	2,744	$	15,460	$	15,039	$	22,439
State	1,121		424		2,563		763
Total deferred income tax expense	$	3,865	$	15,884	$	17,602	$	23,202
Total income tax expense	$	3,922	$	16,317	$	23,054	$	25,130

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Tax at statutory rate	21.0	%	21.0	%	21.0	%	21.0	%
Nondeductible compensation	4.8	%	0.1	%	0.7	%	0.2	%

Share-based compensation	(2.4)	%	—	%	(0.5)	%	(0.1)	%
State income taxes, net of federal benefit	(2.0)	%	0.8	%	1.4	%	0.8	%
Change in state rate (1)	9.8	%	—	%	1.3	%	—	%
Other	—	%	(0.5)	%	—	%	(0.3)	%
Effective income tax rate	31.2	%	21.4	%	23.9	%	21.6	%

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(1)Reflects the impact on the Company's deferred tax balance as a result of the increased apportionment to the state of New Mexico from the New Mexico Acquisition, which is a discrete item that is not expected to notably impact the Company's effective income tax rate for the full year.