INCOME TAXES (Note)

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

	Three Months Ended   June 30,						Six Months Ended   June 30,
	2019			2018			2019		2018
	(in thousands, except percentages)
Income tax benefit	$	5,689		$	29,721		$	13,441	$	53,182
Effective tax rate	(78.0		)%	(196.5		)%	N/A		(193.2		)%

For the second quarter and first six months of 2019, the effective tax rate varied from the federal statutory rate of 21% primarily due to a tax benefit of $7.7 million and $13.7 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.

For the second quarter and first six months of 2018, the effective tax rate varied from the federal statutory rate of 21% primarily due to a tax benefit of $33.7 million and $60.9 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   June 30,						Six Months Ended   June 30,
	2019			2018			2019			2018
	(in thousands)
Income tax expense - excluding excess tax benefit on stock compensation	$	(2,034	)	$	(3,946	)	$	(284	)	$	(7,688	)
Excess tax benefit on stock compensation	7,723			33,667			13,725			60,870
Income tax benefit	$	5,689		$	29,721		$	13,441		$	53,182