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INCOME TAXES | 6 Months Ended
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Jun. 30, 2026
INCOME TAXES |
INCOME TAXES | ​ NOTE 13—INCOME TAXES The Company’s income tax information is presented in the table below. The effective tax rate is different than the 21% U.S. federal income tax rate due to net income allocated to noncontrolling interests, state income taxes, income tax credits and nondeductible items. The effective tax rates in the table below are calculated excluding equity in losses of unconsolidated entities, for which there is no income tax expense. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended June 30, | ​ | Six months ended June 30,
​ | ​ | 2026 | ​ | 2025 | ​ | 2026 | ​ | 2025
​ | ​ | (in thousands)
Current income tax (benefit) expense | ​ | $ | (52) | ​ | $ | 49 | ​ | $ | (13) | ​ | $ | 457
Deferred income tax expense | ​ | ​ | 6,412 | ​ | ​ | 4,472 | ​ | ​ | 8,806 | ​ | ​ | 6,958
Total income tax expense | ​ | $ | 6,360 | ​ | $ | 4,521 | ​ | $ | 8,793 | ​ | $ | 7,415
Effective Tax Rate | ​ | ​ | 21.6% | ​ | ​ | 27.6% | ​ | ​ | 21.1% | ​ | ​ | 25.8%
​ ​ The Company regularly reviews its deferred tax assets for realization and establishes a valuation allowance if it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company considers all available positive and negative evidence in determining whether realization of the tax benefit is more likely than not. This evidence includes historical income/loss, projected future income, the expected timing of the reversal of existing temporary differences and the implementation of tax planning strategies. Management has continued to assess both positive and negative evidence and determined that no adjustments to the remaining valuation allowance were necessary as of June 30, 2026.

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