Income Taxes (Tables)

9 Months Ended

Sep. 30, 2017

Income Tax Disclosure [Abstract]

Income Tax (Benefit) Expense

Income tax (benefit) expense was as follows (dollars in thousands):

		Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Income tax (benefit) expense	$	(71,992	)	$	(13,705	)	$	98,054		$	(185,169	)
Effective tax rate		36.1	%		24.6	%		46.7	%		33.9	%

Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes and Other Tax Items

For third quarter and nine months ended September 30, 2017 and 2016, our overall effective tax rate was different than the federal statutory rate of 35% due primarily to state income taxes and other tax items which are detailed below (dollars in thousands).

		Three Months Ended September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Total (loss) income before income taxes	$	(199,692	)	$	(55,676	)	$	210,015		$	(545,848	)
U.S. federal statutory rate		35	%		35	%		35	%		35	%
Total tax (benefit) expense at statutory rate		(69,892	)		(19,487	)		73,505			(191,047	)
State and local income taxes, net of federal benefit		(6,537	)		(2,007	)		6,591			(17,963	)
Non-deductible executive compensation		296			446			436			1,128
Non-deductible transaction costs		—			4,838			—			4,838
Tax less than book equity compensation		56			44			4,808			5,374
Change in valuation allowances:
Federal net operating loss carryforwards & other		69			—			3,487			—
State net operating loss carryforwards & other		4,286			2,815			10,498			10,514
Rabbi trust and other		(508	)		(620	)		(1,561	)		1,656
Permanent differences and other		238			266			290			331
Total (benefit) expense for income taxes	$	(71,992	)	$	(13,705	)	$	98,054		$	(185,169	)
Effective tax rate		36.1	%		24.6	%		46.7	%		33.9	%