XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Federal and State Income Taxes Federal and State Income Taxes
 9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block] Federal and State Income Taxes

The Tax Cuts and Jobs Act (the "Act") enacted on December 22, 2017, reduced the federal corporate income tax rate from 35% to 21% beginning January 1, 2018. Provisions of the Act are broad and complex, and we continue to evaluate its effect on the Company's financial statements. Results of this evaluation did not significantly impact the Company's financial position or results of operations for the three and nine months ended September 30, 2018.

The reconciliations of income attributable to continuing operations at the U.S. federal statutory tax rate to income tax expense are as follows (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Amount:
 
 
 
 
 
 
 
Federal statutory tax
$
31,963

 
$
44,880

 
$
91,767

 
$
137,048

Tax exempt revenue
(2,059
)
 
(3,001
)
 
(5,524
)
 
(9,336
)
Effect of state income taxes, net of federal benefit
3,740

 
2,486

 
10,685

 
7,875

Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments
56

 
(387
)
 
(2,611
)
 
(3,363
)
Share-based compensation
(26
)
 
(169
)
 
(2,070
)
 
(2,470
)
Adjustment to provisional amounts related to tax reform
—

 
—

 
1,895

 
—

Other, net
988

 
(1,371
)
 
4,798

 
(1,508
)
Total income tax expense
$
34,662

 
$
42,438

 
$
98,940

 
$
128,246


 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Percent of pretax income:
 
 
 
 
 
 
 
Federal statutory tax
21.0
 %
 
35.0
 %
 
21.0
 %
 
35.0
 %
Tax exempt revenue
(1.4
)
 
(2.3
)
 
(1.3
)
 
(2.4
)
Effect of state income taxes, net of federal benefit
2.5

 
1.9

 
2.4

 
2.0

Utilization of tax credits, net of proportional amortization of low-income housing limited partnership investments
—

 
(0.3
)
 
(0.6
)
 
(0.9
)
Share-based compensation
—

 
(0.1
)
 
(0.5
)
 
(0.6
)
Adjustment to provisional amounts related to tax reform
—

 
—

 
0.4

 
—

Other, net
0.7

 
(1.1
)
 
1.2

 
(0.3
)
Total
22.8
 %
 
33.1
 %
 
22.6
 %
 
32.8
 %