5. Income Taxes

The Company’s estimated annual effective income tax rates are used to allocate expected annual income tax expense or benefit to interim periods. The rates are the ratio of estimated annual income tax expense or benefit to estimated annual income or loss before income taxes by taxing jurisdiction, except for discrete items, which are significant, unusual or infrequent items for which income taxes are computed and recorded in the interim period in which the discrete item occurs. The estimated annual effective income tax rates are applied to the year-to-date income or loss before income taxes by taxing jurisdiction to determine the income tax expense or benefit allocated to the interim period. The Company updates its estimated annual effective income tax rates at the end of each quarterly period considering the geographic mix of income based on the tax jurisdictions in which the Company operates. Actual results that are different from the assumptions used in estimating the annual effective income tax rates will impact future income tax expense or benefit. Income tax (expense) benefit differs from income tax (expense) benefit computed by applying the U.S. Federal statutory corporate income tax rate of 35% to income (loss) from continuing operations before income taxes as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(In thousands)
Income (loss) from continuing operations before income taxes		($73,073	)		$5,287			($105,987	)		$15,841
Income tax (expense) benefit at the statutory rate	25,575			(1,850		)	37,095			(5,544		)
State income taxes, net of U.S. Federal income tax benefit	(145		)	(222		)	(221		)	(414		)
2015 Texas Franchise Tax rate reduction, net of U.S. Federal income tax expense	1,671			—			1,671			—
Other	(998		)	(1		)	(1,004		)	(48		)
Total income tax (expense) benefit from continuing operations		$26,103			($2,073	)		$37,541			($6,006	)