Income Taxes

3 Months Ended

Mar. 31, 2021

Note 4 - Income Taxes

The provision for income taxes for the three months ended March 31, 2021, and 2020, consisted of the following:


	For the Three Months Ended March 31,
		2021			2020
		(in thousands)
Current portion of income tax (expense) benefit:
Federal		$	—		$	—
State		(158)			(339)
Deferred portion of income tax benefit		52			99,347
Income tax (expense) benefit		$	(106)		$	99,008

Effective tax rate		—		%	19.4		%

Recorded income tax expense or benefit differs from the amount 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 covered individuals, changes in valuation allowances, the cumulative impact of other smaller permanent differences, and can also reflect the cumulative effect of an enacted tax rate change, in the period of enactment, on the Company’s net deferred tax asset and liability balance. 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 above.

For all years before 2017, the Company is generally no longer subject to United States federal or state income tax examinations by tax authorities.

- 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.

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