Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

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

	2022		2021		2020
Current income tax expense	$	8,606	$	7,949	$	1,537
Deferred income tax expense		2,527		1,524		4,312
Income tax expense	$	11,133	$	9,473	$	5,849

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

	2022				2021				2020
			Percent of				Percent of				Percent of
			Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income
Income taxes computed at the federal statutory rate	$	11,878	21.0	%	$	9,769	21.0	%	$	7,155	21.0	%
(Reduction) increase in taxes resulting from:
Statutory depletion in excess of cost depletion		(1,869)	(3.3)			(1,389)	(3.0)			(1,266)	(3.7)
State income taxes, net of federal income tax benefit		557	1.0			462	1.0			(262)	(0.8)
Disallowed executive compensation		493	0.9			456	1.0			—	—
Other		74	0.1			175	0.4			222	0.7
Income tax expense	$	11,133	19.7	%	$	9,473	20.4	%	$	5,849	17.2	%

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

	December 31,		December 31,
	2022		2021
Deferred tax liabilities
Lime and limestone property, plant and equipment	$	25,703	$	22,992
Operating lease right-of-use assets		1,238		724
Natural gas interests drilling costs and equipment		259		387
		27,200		24,103
Deferred tax assets
Operating lease liabilities		1,276		740
Other		342		308
		1,618		1,048
Deferred tax liabilities, net	$	25,582	$	23,055

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

	December 31,		December 31,
	2022		2021
Prepaid expenses and other current assets	$	—	$	543
Accrued expenses	$	237	$	—