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INCOME TAXES | 6 Months Ended
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Jun. 30, 2023
INCOME TAXES |
INCOME TAXES | 7.INCOME TAXES ​ Components of income tax expense are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2023 |  | 2022 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 3,935 | ​ | $ | 6,175 | ​ | $ | 8,247 | ​ | $ | 11,209 | ​
State | ​ |  | 272 | ​ |  | 445 | ​ |  | 573 | ​ |  | 831 | ​
​ | ​ |  | 4,207 | ​ |  | 6,620 | ​ |  | 8,820 | ​ |  | 12,040 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (190) | ​ |  | (255) | ​ |  | (521) | ​ |  | 34,665 | ​
State | ​ |  | (18) | ​ |  | (34) | ​ |  | (59) | ​ |  | 2,341 | ​
​ | ​ |  | (208) | ​ |  | (289) | ​ |  | (580) | ​ |  | 37,006 | ​
Income tax expense | ​ | $ | 3,999 | ​ | $ | 6,331 | ​ | $ | 8,240 | ​ | $ | 49,046 | ​
​ On March 15, 2022, Alliance Minerals changed its U.S. federal income tax status from a pass-through entity to a taxable entity via a "check the box" election (the "Tax Election"), which became effective January 1, 2022. The Tax Election resulted in the recognition of an initial deferred tax liability of $37.3 million and a corresponding increase to income tax expense for the six months ended June 30, 2022. ​ The effective income tax rate for our income tax expense for the three months ended June 30, 2023 and 2022 and the six months ended June 30, 2023 is less than the federal statutory rate, primarily due to the portion of income not subject to income taxes. The effective income tax rate for our income tax expense for the six months ended June 30, 2022 is greater than the federal statutory rate, primarily due to the effect of the Tax Election, partially offset by the portion of income not subject to income taxes. ​ Our 2019 through 2022 tax years remain open to examination by tax authorities. We have been notified by the Internal Revenue Service that lower-tier partnership income tax returns for the tax year ended December 31, 2020 have been selected for audit.

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