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Income Taxes | 9 Months Ended
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Sep. 30, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | (6) INCOME TAXES Income tax (benefit) expense was as follows (dollars in thousands):
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2017 |  |  |  | 2016 |  |  |  | 2017 |  |  |  | 2016 |
Income tax (benefit) expense | $ | (71,992 | ) |  | $ | (13,705 | ) |  | $ | 98,054 |  |  | $ | (185,169 | )
Effective tax rate |  | 36.1 | % |  |  | 24.6 | % |  |  | 46.7 | % |  |  | 33.9 | %
We compute our quarterly taxes under the effective tax rate method based on applying an anticipated annual effective rate to our year-to-date income, except for discrete items. Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. For third quarter and nine months ended September 30, 2017 and 2016, our overall effective tax rate was different than the federal statutory rate of 35% due primarily to state income taxes and other tax items which are detailed below (dollars in thousands).
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2017 |  |  |  | 2016 |  |  |  | 2017 |  |  |  | 2016 |
Total (loss) income before income taxes | $ | (199,692 | ) |  | $ | (55,676 | ) |  | $ | 210,015 |  |  | $ | (545,848 | )
U.S. federal statutory rate |  | 35 | % |  |  | 35 | % |  |  | 35 | % |  |  | 35 | %
Total tax (benefit) expense at statutory rate |  | (69,892 | ) |  |  | (19,487 | ) |  |  | 73,505 |  |  |  | (191,047 | )
State and local income taxes, net of federal benefit |  | (6,537 | ) |  |  | (2,007 | ) |  |  | 6,591 |  |  |  | (17,963 | )
Non-deductible executive compensation |  | 296 |  |  |  | 446 |  |  |  | 436 |  |  |  | 1,128 |
Non-deductible transaction costs |  | — |  |  |  | 4,838 |  |  |  | — |  |  |  | 4,838 |
Tax less than book equity compensation |  | 56 |  |  |  | 44 |  |  |  | 4,808 |  |  |  | 5,374 |
Change in valuation allowances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal net operating loss carryforwards & other |  | 69 |  |  |  | — |  |  |  | 3,487 |  |  |  | — |
State net operating loss carryforwards & other |  | 4,286 |  |  |  | 2,815 |  |  |  | 10,498 |  |  |  | 10,514 |
Rabbi trust and other |  | (508 | ) |  |  | (620 | ) |  |  | (1,561 | ) |  |  | 1,656 |
Permanent differences and other |  | 238 |  |  |  | 266 |  |  |  | 290 |  |  |  | 331 |
Total (benefit) expense for income taxes | $ | (71,992 | ) |  | $ | (13,705 | ) |  | $ | 98,054 |  |  | $ | (185,169 | )
Effective tax rate |  | 36.1 | % |  |  | 24.6 | % |  |  | 46.7 | % |  |  | 33.9 | %

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- References No definition available. + Details
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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