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Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Note 4 - Income Taxes

Recorded income tax expense or benefit differs from the amounts that would be provided by applying the statutory United States federal income tax rate to income or loss before income taxes. These differences primarily relate to the effect of state income taxes, excess tax benefits and deficiencies from stock-based compensation awards, tax limitations on the compensation of certain covered individuals, changes in valuation allowances, and the cumulative impact of other smaller permanent differences. The quarterly rate can also be affected by the proportional impacts of forecasted net income or loss for each period presented, as reflected in the table below.

The provision for income taxes for the three and nine months ended September 30, 2019, and 2018, consisted of the following:

	For the Three Months Ended September 30,								For the Nine Months Ended September 30,
	2019				2018				2019				2018
	(in thousands)
Current portion of income tax (expense) benefit:
Federal	$	3,826			$	—			$	3,826			$	—
State	(320		)		(85		)		(1,109		)		(670		)
Deferred portion of income tax (expense) benefit	(19,617		)		36,833				13,620				(60,672		)
Income tax (expense) benefit	$	(16,111	)		$	36,748			$	16,337			$	(61,342	)
Effective tax rate	27.6		%		21.3		%		16.1		%		23.6		%

The change in the effective tax rate for the three months ended September 30, 2019, compared with the same period in 2018, was primarily due to the differing effects of permanent items on income before income taxes for the three months ended September 30, 2019, compared to their impact on the loss before income taxes for the same period in 2018.

The change in the effective tax rate for the nine months ended September 30, 2019, compared with the same period in 2018, was primarily due to the differing effects of permanent items on the loss before income taxes for the nine months ended September 30, 2019, compared to their impact on income before income taxes for the same period in 2018.  Additionally, the year-to-date 2018 rate was also impacted by the estimated highest marginal state tax rates due to changes in the composition of income or loss from Company activities, including divestitures, among multiple state tax jurisdictions.  Future periods are not expected to reflect these differences as the Company’s current activities are occurring predominately in Texas.

Subsequent to September 30, 2019, the Company filed its 2018 federal income tax return claiming a $7.7 million refund for a portion of its deferred AMT credit carryover. For all years before 2015, the Company is generally no longer subject to United States federal or state income tax examinations by tax authorities.

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- References

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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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