INCOME TAXES (Note)

3 Months Ended

Mar. 31, 2019



	Three Months Ended March 31,
	2019			2018
	(in thousands, except percentages)
Income tax benefit	$	7,752		$	23,461
Effective tax rate	107.6		%	(189.3		)%

For the first quarter of 2019 and the first quarter of 2018, the effective tax rate varied from the federal statutory rate of 21% primarily due to a tax benefit of $6.0 million and $27.2 million, respectively, recognized for excess tax benefits due to employee exercises of stock options and vesting of restricted stock in accordance with ASU 2016-09 and the effect of state taxes.



	Three Months Ended March 31,
	2019		2018
	(in thousands)
Income tax benefit (expense) - excluding excess tax benefit on stock compensation	$	1,749	$	(3,742	)
Excess tax benefit on stock compensation	6,003		27,203
Income tax benefit	$	7,752	$	23,461