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Income Taxes (Tables) | 3 Months Ended
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Mar. 31, 2017
Income Tax Disclosure [Abstract] |
Income Tax Expense (Benefit) | Income tax expense (benefit) was as follows (dollars in thousands):
|  | Three Months Ended March 31, |  |  |
| 2017 |  |  |  | 2016 |  |  |
Income tax expense (benefit) | $ | 112,395 |  |  | $ | (41,976 | ) |  |
Effective tax rate |  | 39.8 | % |  |  | 30.9 | % |  |
Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes and Other Tax Items | For first quarter 2017 and 2016, our overall effective tax rate was different than the federal statutory rate of 35% due primarily to state income taxesand other tax items which are detailed below (dollars in thousands).
| Three Months Ended March 31, |  |
|  | 2017 |  |  |  | 2016 |  |
Total income (loss) before income taxes | $ | 282,506 |  |  | $ | (135,748 | ) |
U.S. federal statutory rate |  | 35 | % |  |  | 35 | % |
Total tax expense (benefit) at statutory rate |  | 98,877 |  |  |  | (47,512 | ) |
State and local income taxes, net of federal benefit |  | 8,982 |  |  |  | (4,432 | ) |
Non-deductible executive compensation |  | 140 |  |  |  | 236 |  |
Tax less than book equity compensation |  | 2,524 |  |  |  | 5,266 |  |
Change in valuation allowances: |  |  |  |  |  |  |  |
Federal net operating loss carryforwards & other |  | 856 |  |  |  | — |  |
State net operating loss carryforwards & other |  | 2,086 |  |  |  | 4,490 |  |
Rabbi trust |  | (1,122 | ) |  |  | (51 | ) |
Permanent differences and other |  | 52 |  |  |  | 27 |  |
Total expense (benefit) for income taxes | $ | 112,395 |  |  | $ | (41,976 | ) |
Effective tax rate |  | 39.8 | % |  |  | 30.9 | % |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319 + Details
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