XML 44 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Tax Expense (Benefit)

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. Income tax expense (benefit) was as follows (in thousands):

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Income tax expense (benefit)

$

40,099

 

 

$

(28,518)

 

 

$

45,787

 

 

$

14,158

 

Effective tax rate

 

25.8

%

 

 

26.3

%

 

 

28.2

%

 

 

(86.1

%)

 

Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes, Equity Compensation and Other Tax Items For three months and six months ended June 30, 2019 and 2018, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes (including adjustments to state income tax valuation allowances), equity compensation and other tax items which are detailed below (in thousands).

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

2018

 

Total income (loss) before income taxes

$

155,284

 

 

$

(108,354

)

 

$

162,391

 

$

(16,440

)

U.S. federal statutory rate

 

21

%

 

 

21

%

 

 

21

%

 

21

%

Total tax expense (benefit) at statutory rate

 

32,610

 

 

 

(22,754

)

 

 

34,102

 

 

(3,452

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local income taxes, net of federal benefit

 

5,725

 

 

 

(3,745

)

 

 

6,543

 

 

749

 

Equity compensation

 

497

 

 

 

1,476

 

 

 

3,888

 

 

2,140

 

Change in valuation allowances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal net operating loss carryforwards

 

(916

)

 

 

 

 

 

(916

)

 

 

State net operating loss carryforwards and other

 

264

 

 

 

(2,042

)

 

 

616

 

 

13,636

 

Other

 

(532

)

 

 

18

 

 

 

(301

)

 

1,399

 

Permanent differences and other

 

2,451

 

 

 

(1,471

)

 

 

1,855

 

 

(314

)

Total expense (benefit) for income taxes

$

40,099

 

 

$

(28,518

)

 

$

45,787

 

$

14,158

 

Effective tax rate

 

25.8

%

 

 

26.3

%

 

 

28.2

%

 

(86.1

%)