Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10. Income Taxes

	Three Months Ended September 30,							Nine Months Ended September 30,
thousands except percentages	2022			2021		$ Change		2022			2021			$ Change
Income tax expense (benefit)	$	33,858		$	6,049	$	27,809	$	41,822		$	(16,706)		$	58,528
Income (loss) before income taxes	141,527			8,166		133,361		173,094			(79,131)			252,225
Effective tax rate	23.9		%	NM		NM		24.2		%	21.1		%	3.1		%

NM - Not Meaningful

The Company’s tax provision for interim periods is determined using an estimate of its annual current and deferred effective tax rates, adjusted for discrete items. The Company’s effective tax rate is typically impacted by non-deductible executive compensation and other permanent differences as well as state income taxes, which cause the Company’s effective tax rate to deviate from the federal statutory rate. For the three and nine months ended September 30, 2021, the effective rate was also impacted by the release of a valuation allowance on the Company’s capital loss carryover.