Income Taxes (Tables)

3 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense was as follows (in thousands):

		Three Months Ended March 31,
		2019			2018
Income tax expense	$	5,688		$	42,676
Effective tax rate		80.0	%		46.4	%

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

For first quarter 2019 and 2018, 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 March 31,
		2019			2018
Total income before income taxes	$	7,107		$	91,914
U.S. federal statutory rate		21	%		21	%
Total tax expense at statutory rate		1,492			19,302
State and local income taxes, net of federal benefit		818			4,494
Equity compensation		3,391			664
Change in valuation allowances:
State net operating loss carryforwards & other		352			15,678
Other		231			1,381
Permanent differences and other		(596	)		1,157
Total expense for income taxes	$	5,688		$	42,676
Effective tax rate		80.0	%		46.4	%