Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of income tax (benefit) expense (in thousands)

	2021		2020		2019
Current income tax expense (benefit)	$	7,949	$	1,537	$	(4)
Deferred income tax expense		1,524		4,312		4,848
Income tax expense	$	9,473	$	5,849	$	4,844

Schedule of reconciliation of income taxes computed at the federal statutory rate to income tax expense (in thousands)

	2021				2020				2019
			Percent of				Percent of				Percent of
			Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income
Income taxes computed at the federal statutory rate	$	9,769	21.0	%	$	7,155	21.0	%	$	6,489	21.0	%
(Reduction) increase in taxes resulting from:
Statutory depletion in excess of cost depletion		(1,389)	(3.0)			(1,266)	(3.7)			(1,200)	(3.9)
Research and development tax credits		—	—			—	—			(1,155)	(3.7)
State income taxes, net of federal income tax benefit		462	1.0			(262)	(0.8)			155	0.5
Disallowed executive compensation		456	1.0			—	—			—	—
Other		175	0.4			222	0.7			555	1.8
Income tax expense	$	9,473	20.4	%	$	5,849	17.2	%	$	4,844	15.7	%

Summary of the Company's deferred tax liabilities and assets (in thousands)

	December 31,		December 31,
	2021		2020
Deferred tax liabilities
Lime and limestone property, plant and equipment	$	22,992	$	21,297
Operating lease right-of-use assets		724		513
Natural gas interests drilling costs and equipment		387		519
		24,103		22,329
Deferred tax assets
Operating lease liabilities		740		511
Other		308		287
		1,048		798
Deferred tax liabilities, net	$	23,055	$	21,531

Current income taxes are classified on the Company’s Consolidated Balance Sheets as follows:

Prepaid expenses and other current assets	$	543	$	—
Accrued expenses	$	—	$	990