Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

Income Taxes

Schedule of reconciliation of federal income tax determined using statutory federal tax rate to reported income tax provision

The following table is a reconciliation of our U.S. federal income tax (benefit) provision determined using our statutory federal tax rate to our reported income tax (benefit) provision for the three and six months ended June 30, 2020 and 2019 (dollars in thousands):

	For the Three Months Ended June 30,								For the Six Months Ended June 30,
	2020				2019				2020				2019
Federal statutory tax rate	$	31,849	21.0	%	$	28,556	21.0	%	$	16,520	21.0	%	$	44,692	21.0	%
REIT and other non-taxable loss		(26,923)	(17.8)	%		(26,013)	(19.1)	%		(17,009)	(21.6)	%		(42,172)	(19.8)	%
State income taxes		1,619	1.1	%		666	0.5	%		(160)	(0.2)	%		660	0.3	%
Federal benefit of state tax deduction		(340)	(0.2)	%		(140)	(0.1)	%		34	—	%		(139)	(0.1)	%
Net operating loss carryback rate differential		(3,717)	(2.5)	%		—	—	%		(3,717)	(4.7)	%		—	—	%
Intra-entity transfer		(3,781)	(2.5)	%		—	—	%		(3,781)	(4.8)	%		—	—	%
Other		(5)	—	%		464	0.3	%		86	0.1	%		826	0.4	%
Effective tax rate	$	(1,298)	(0.9)	%	$	3,533	2.6	%	$	(8,027)	(10.2)	%	$	3,867	1.8	%