Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes

Income Taxes

9. Income Taxes

A reconciliation of the federal income tax provision at the statutory rate to the actual provision for income taxes follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Income tax provision at statutory rate	$	38,111	$	18,493	$	180,992	$	23,576
Percentage depletion and other permanent items		(8,120)		(3,357)		(34,228)		(6,313)
State taxes, net of effect of federal taxes		920		944		4,005		1,832
Change in valuation allowance		(30,800)		(15,984)		(150,446)		(18,814)
Current expense associated with uncertain tax positions		376		(1,128)		1,128		1,081
Other, net		(13)		(50)		(27)		(61)
Provision for (benefit from) income taxes	$	474	$	(1,082)	$	1,424	$	1,301

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. This legislation introduces a 15% corporate alternative minimum tax and a 1% excise tax on stock buybacks among its key tax provisions.  The IRA is effective for years beginning after December 31, 2022 and as such the Company does not anticipate material impact in the current year. The Company will continue to evaluate the impact this will have on future periods.