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Income Taxes

3 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

(6) INCOME TAXES

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful. Income tax expense was as follows (in thousands):

		Three Months Ended March 31,
		2020				2019
Income tax expense	$	50,218			$	5,688
Effective tax rate		25.7	%			80.0	%

Income taxes for discrete items are computed and recorded in the period that the specific transaction occurs. For the three months ended March 31, 2020 and 2019, 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 March 31,
		2020				2019
Total income before income taxes	$	195,193			$	7,107
U.S. federal statutory rate		21	%			21	%
Total tax expense at statutory rate		40,991				1,492
State and local income taxes, net of federal benefit		5,803				818
Equity compensation		3,843				3,391
Change in valuation allowances:
Federal net operating loss carryforwards		(1,313	)			—
State net operating loss carryforwards and other		2,800				352
Other		(537	)			231
Permanent differences and other		(1,369	)			(596	)
Total expense for income taxes	$	50,218			$	5,688
Effective tax rate		25.7	%			80.0	%

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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

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