Income Taxes (Tables)

6 Months Ended

Jun. 30, 2019

Income Taxes

Schedule of effective income tax rate reconciliation

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Tax at the federal statutory rate	$	2,869	$	6,875	$	3,424	$	6,982
State income taxes (net of federal benefit)		601		1,423		717		1,445
2017 qualified timber gains at the federal statutory rate of 23.8% (1)		—		—		—		(524)
Decrease in valuation allowance		—		(1,418)		—		(1,451)
Other		(36)		(333)		(46)		(154)
Total income tax expense	$	3,434	$	6,547	$	4,095	$	6,298

(1) The Bipartisan Budget Act of 2018 was signed into law on February 9, 2018 (the “2018 Act”). The 2018 Act retroactively re-established the preferential 23.8% tax rate on C Corporation Qualified Timber Gains, extending its applicability from 2016 to include the 2017 tax year. The benefit of this retroactive tax rate reduction is included in 2018 income from continuing operations.