Income Taxes

3 Months Ended

Mar. 31, 2024

Income Taxes

Income Taxes

8. Income Taxes

The Company's effective tax rate for three months ended March 31, 2024 is based on its estimated full year effective tax rate, adjusted for discrete items. The effective tax rate for the three months ended March 31, 2024 was 6.2%. The effective tax rate for the three months ended March 31, 2024 differs from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion and discrete tax benefits related to equity compensation.

For the three months ended March 31, 2023, the Company's effective tax rate was 15.8%. The effective tax rate for the three months ended March 31, 2023 differed from the U.S. federal statutory rate of 21%, primarily due to the income tax benefit for excess percentage depletion and discrete tax benefits related to equity compensation.