Income Taxes

The provision (benefit) for income taxes consists of the following:



	Three months ended
	March 31, 2019		March 31, 2018
	(in thousands)
Current	$	1,702	$	560
Deferred	1,887		420
	$	3,589	$	980

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before the provision for income taxes.

The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows:



	Three months ended
	March 31, 2019		March 31, 2018
Federal statutory rate	21.0	%	21.0	%
State income taxes, net of Federal benefit	6.1		6.8
Excess tax benefits	(2.7	)	(8.9	)
Other	0.4		(0.2	)
Effective tax rate	24.8	%	18.7	%

The Company's estimated annual 2019 effective tax rate, excluding discrete events, is approximately 27%. We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. examinations for tax years 2014 to present, and to non-U.S. income tax examinations for the tax years of 2014 to present. In addition, we are subject to state and local income tax examinations for the tax years 2014 to present. The Company continues to evaluate its need to file returns in various state jurisdictions. Any interest or penalties would be recognized as a component of income tax expense.