Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

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

	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

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

	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	%

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

	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