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Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision (benefit) for income taxes consists of the following:

 Three Months Ended
 March 31,
2023		March 31,
2022
 (in thousands)
Current$5,435 $3,809 
Deferred921 973 
     Income tax provision$6,356 $4,782 

The provision for income taxes differs from the amount computed by applying the Federal statutory 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,
2023		March 31,
2022
Federal statutory rate21.0 %21.0 %
State income taxes, net of Federal benefit4.0 %3.0 %
Excess tax benefits related to share-based compensation (Note 12)
(8.8)%(2.2)%
Return to provision(0.3)%— %
Research and development credits(1.5)%(0.8)%
Other0.3 %(0.1)%
     Effective tax rate14.7 %20.9 %
We earn investment tax credits from the state of Oklahoma’s manufacturing property investment program. We use the flow-through method to account for investment tax credits earned on eligible tangible asset expenditures. Under this method, the investment tax credits are recognized as a reduction to our Oklahoma income tax expense in the year they are used. As of March 31, 2023, we have investment tax credit carryforwards of approximately $6.3 million. These credits have estimated expirations from the year 2039 through 2043.

The Company's estimated annual 2023 effective tax rate, excluding discrete events, is approximately 24.3%. We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. income tax examinations for tax years 2019 to present, and to non-U.S. income tax examinations for the tax years 2018 to present. In addition, we are subject to state and local income tax examinations for the tax years 2018 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.