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Income Taxes | 9 Months Ended
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Sep. 30, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | (6) INCOME TAXES Income tax expense (benefit) was as follows (in thousands):
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2018 |  |  |  | 2017 |  |  |  | 2018 |  |  |  | 2017 |
Income tax expense (benefit) | $ | 24,137 |  |  | $ | (71,992 | ) |  | $ | 38,295 |  |  | $ | 98,054 |
Effective tax rate |  | 33.2 | % |  |  | 36.1 | % |  |  | 68.1 | % |  |  | 46.7 | %
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 first nine months ended 2018 and 2017, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes (including adjustments to state income tax valuation allowances), equity compensation and other tax items which are detailed below (in thousands).
|  | Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |
| 2018 |  |  |  | 2017 |  |  |  | 2018 |  |  |  | 2017 |
Total income (loss) before income taxes | $ | 72,676 |  |  | $ | (199,692 | ) |  | $ | 56,236 |  |  | $ | 210,015 |
U.S. federal statutory rate |  | 21 | % |  |  | 35 | % |  |  | 21 | % |  |  | 35 | %
Total tax expense (benefit) at statutory rate |  | 15,262 |  |  |  | (69,892 | ) |  |  | 11,810 |  |  |  | 73,505 |
State and local income taxes, net of federal benefit |  | 2,691 |  |  |  | (6,537 | ) |  |  | 3,439 |  |  |  | 6,591 |
Non-deductible executive compensation |  | 48 |  |  |  | 296 |  |  |  | 601 |  |  |  | 436 |
Equity compensation |  | 6 |  |  |  | 56 |  |  |  | 2,146 |  |  |  | 4,808 |
Change in valuation allowances: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal net operating loss carryforwards & other |  | — |  |  |  | 69 |  |  |  | — |  |  |  | 3,487 |
State net operating loss carryforwards & other |  | 5,558 |  |  |  | 4,286 |  |  |  | 19,194 |  |  |  | 10,498 |
Rabbi trust and other |  | 100 |  |  |  | (508 | ) |  |  | 1,499 |  |  |  | (1,561 | )
Permanent differences and other |  | 472 |  |  |  | 238 |  |  |  | (394 | ) |  |  | 290 |
Total expense (benefit) for income taxes | $ | 24,137 |  |  | $ | (71,992 | ) |  | $ | 38,295 |  |  | $ | 98,054 |
Effective tax rate |  | 33.2 | % |  |  | 36.1 | % |  |  | 68.1 | % |  |  | 46.7 | %
On December 22, 2017, the Tax Cuts and Jobs Act of 2017 was signed into law. The law significantly reformed the Internal Revenue Code of 1986, as amended. The reduction in the corporate tax rate required a one-time revaluation of certain tax related assets and liabilities to reflect their value at the lower corporate tax rate of 21%. Due to the complexities involved in the accounting for the enactment of the new law, the SEC Staff Accounting Bulletin (“SAB”) 118 allowed a provisional estimate for the year ended December 31, 2017, which we made. As of September 30, 2018, we have not made any material adjustments to our provisional estimate at year-end 2017. We have made a reasonable estimate of the effect on our deferred tax balances. We will continue to analyze the impact of the new law and additional impacts will be recorded as they are identified during the measurement period provided for in SAB 118.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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