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INCOME TAXES (Note)
 9 Months Ended
Sep. 30, 2019
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands, except percentages)
Income tax (expense) benefit
$
(1,889
)
 
$
10,534

 
$
11,552

 
$
63,716

Effective tax rate
7.2
%
 
(59.1
)%
 
(43.7
)%
 
(140.5
)%

For the third quarter and first nine months of 2019, the effective tax rate varied from the federal statutory rate of 21% primarily due to a tax benefit of $2.8 million and $16.5 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, a tax benefit of $1.9 million recognized from an adjustment to the federal research tax credit and the effect of state taxes.
For the third quarter and first nine months of 2018, the effective tax rate varied from the federal statutory rate of 21% primarily due to a tax benefit of $14.3 million and $75.2 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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Income tax expense - excluding excess tax benefit on stock compensation
$
(4,705
)
 
$
(3,787
)
 
$
(4,989
)
 
$
(11,475
)
Excess tax benefit on stock compensation
2,816

 
14,321

 
16,541

 
75,191

Income tax (expense) benefit
$
(1,889
)
 
$
10,534

 
$
11,552

 
$
63,716