Income Taxes (Tables)

6 Months Ended

Jun. 30, 2020

We evaluate and update our annual effective income tax rate on a quarterly basis based on current and forecasted operating results and tax laws. Consequently, based upon the mix and timing of our actual earnings compared to annual projections, our effective tax rate may vary quarterly and may make comparisons not meaningful (NM). Income tax (benefit) expense was as follows (in thousands):

		Three Months Ended June 30,					Six Months Ended June 30,
		2020			2019			2020		2019
Income tax (benefit) expense	$	(43,280	)	$	40,099		$	6,938	$	45,787
Effective tax rate		22.8	%		25.8	%		NM		28.2	%

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

For the three and six months ended June 30, 2020 and 2019, our overall effective tax rate was different than the federal statutory rate due primarily to state income taxes, equity compensation and other tax items which are detailed below (in thousands).

		Three Months Ended June 30,					Six Months Ended June 30,
		2020			2019			2020			2019
Total (loss) income before income taxes	$	(189,849	)	$	155,284		$	5,344		$	162,391
U.S. federal statutory rate		21	%		21	%		21	%		21	%
Total tax (benefit) expense at statutory rate		(39,868	)		32,610			1,122			34,102

State and local income taxes, net of federal benefit		(5,822	)		5,725			(19	)		6,543
Equity compensation		1,259			497			5,101			3,888
Permanent differences and other		1,151			1,267			734			1,254
Total (benefit) expense for income taxes	$	(43,280	)	$	40,099		$	6,938		$	45,787
Effective tax rate		22.8	%		25.8	%		NM			28.2	%