Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

(4) Income Taxes

Income tax expense (benefit) for the years ended December 31 was as follows:

	2023		2022		2021
Current income tax expense	$	19,736	$	8,606	$	7,949
Deferred income tax (benefit) expense		(923)		2,527		1,524
Income tax expense	$	18,813	$	11,133	$	9,473

A reconciliation of income taxes computed at the federal statutory rate to income tax expense for the years ended December 31 is as follows:

	2023				2022				2021
			Percent of				Percent of				Percent of
			Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income
Income taxes computed at the federal statutory rate	$	19,606	21.0	%	$	11,878	21.0	%	$	9,769	21.0	%
(Reduction) increase in taxes resulting from:
Statutory depletion in excess of basis		(2,172)	(2.3)			(1,869)	(3.3)			(1,389)	(3.0)
State income taxes, net of federal income tax benefit		1,144	1.2			557	1.0			462	1.0
Disallowed executive compensation		818	0.9			493	0.9			456	1.0
Stock-based compensation		(218)	(0.2)			33	—			(35)	(0.1)
Other		(365)	(0.4)			41	0.1			210	0.5
Income tax expense	$	18,813	20.2	%	$	11,133	19.7	%	$	9,473	20.4	%

Components of the Company’s deferred tax liabilities and assets are as follows:

	December 31,		December 31,
	2023		2022
Deferred tax liabilities
Lime and limestone property, plant and equipment	$	25,120	$	25,703
Operating lease right-of-use assets		1,195		1,238
Natural gas interests drilling costs and equipment		87		259
		26,402		27,200
Deferred tax assets
Operating lease liabilities		1,247		1,276
Other		496		342
		1,743		1,618
Deferred tax liabilities, net	$	24,659	$	25,582

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

	December 31,		December 31,
	2023		2022
Prepaid expenses and other current assets	$	—	$	—
Accrued expenses	$	2,010	$	237

The Company had no federal net operating loss carry forwards at December 31, 2023. The Company reduces deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax assets will not be realized. Deferred tax assets are considered fully recognizable because of the Company’s recent income history and expectations of income in the future. The Company’s federal income tax returns for the year ended December 31, 2020 and subsequent years remain subject to examination. The Company’s income tax returns in certain state income tax jurisdictions remain subject to examination for various periods for the year ended December 31, 2019 and subsequent years. The Company treats interest and penalties on income tax liabilities as income tax expense.