Federal and State Income Taxes Federal and State Income Taxes

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Federal and State Income Taxes

The Tax Cuts and Jobs Act (the "Tax Reform Act") enacted on December 22, 2017, reduced the federal corporate income tax rate from 35% to 21% beginning January 1, 2018. We completed our accounting during 2018 for uncertainties that resulted from the Tax Reform Act. Adjustments to provisional amounts related to the Tax Reform Act were recognized during 2018.

The reconciliation of income attributable to continuing operations at the U.S. federal statutory tax rate to income tax expense are as follows (in thousands):

	Three Months Ended March 31,
	2019			2018
Amount:
Federal statutory tax	$	29,445		$	28,622
Tax exempt revenue	(2,757		)	(1,812		)
Effect of state income taxes, net of federal benefit	3,851			3,657
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments	(1,608		)	(1,458		)
Share-based compensation	(529		)	(1,620		)
Implementation of Tax Reform Act	—			1,895
Other, net	1,548			1,664
Total income tax expense	$	29,950		$	30,948

	Three Months Ended March 31,
	2019		2018
Percent of pretax income:
Federal statutory tax	21.0	%	21.0	%
Tax exempt revenue	(2.0	)	(1.3	)
Effect of state income taxes, net of federal benefit	2.7		2.7
Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments	(1.1	)	(1.1	)
Share-based compensation	(0.4	)	(1.2	)
Implementation of Tax Reform Act	—		1.4
Other, net	1.2		1.2
Total	21.4	%	22.7	%