Income Taxes (Tables)

6 Months Ended

Jun. 30, 2018

Income tax (benefit) expense was as follows (in thousands):

		Three Months Ended June 30,						Six Months Ended June 30,
		2018			2017			2018			2017
Income tax (benefit) expense	$	(28,518	)	$	57,651		$	14,158		$	170,046
Effective tax rate		26.3	%		45.3	%		(86.1	%)		41.5	%

Summary of Differences In Effective Tax Rate and Federal Statutory Rate Due to State Income Taxes, Equity Compensation and Other Tax Items

For second quarter and first six months ended June 30, 2018 and 2017, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes (including adjustments to state income tax valuation allowances), equity compensation and other tax items which are detailed below (in thousands).

		Three Months Ended June 30,						Six Months Ended June 30,
		2018			2017			2018			2017
Total (loss) income before income taxes	$	(108,354	)	$	127,201		$	(16,440	)	$	409,707
U.S. federal statutory rate		21	%		35	%		21	%		35	%
Total tax (benefit) expense at statutory rate		(22,754	)		44,520			(3,452	)		143,397

State and local income taxes, net of federal benefit		(3,745	)		4,146			749			13,128
Non-deductible executive compensation		291			—			553			140
Equity compensation		1,476			2,228			2,140			4,752
Change in valuation allowances:
Federal net operating loss carryforwards & other		—			2,562			—			3,418
State net operating loss carryforwards & other		(2,042	)		4,127			13,636			6,212
Rabbi trust and other		18			68			1,399			(1,053	)
Permanent differences and other		(1,762	)		—			(867	)		52
Total (benefit) expense for income taxes	$	(28,518	)	$	57,651		$	14,158		$	170,046
Effective tax rate		26.3	%		45.3	%		(86.1	%)		41.5	%