Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Components of Federal and State Income Taxes

The provision for the federal and state income taxes attributable to income (loss) consists of the following components:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Current (benefit) expense
Federal taxes	$	(1,205	)	$	2,875		$	1,552
State taxes	5,665			6,434			(630		)
Total current provision	4,460			9,309			922
Deferred expense (benefit)
Federal taxes	12,183			6,708			(52,886		)
State taxes	(539		)	(500		)	(1,169		)
Total deferred provision	11,644			6,208			(54,055		)
Income tax expense (benefit)	$	16,104		$	15,517		$	(53,133	)
Effective tax rate	22.7		%	25.0		%

Reconciliation of Income Taxes

A reconciliation of income taxes determined by applying the federal and state tax rates to income (loss) is as follows:



	Years Ended December 31,
(in thousands)	2019			2018			2017
Expected tax expense at federal statutory	$	14,918		$	13,044		$	4,640
State income taxes, net of federal tax effect	4,709			4,748			(1,129		)
Revaluation of U.S. deferred income taxes	—			(760		)	(53,449		)
Excess tax benefit from share based compensation and other, net	(3,523		)	(1,515		)	(3,195		)
Income tax expense (benefit)	$	16,104		$	15,517		$	(53,133	)

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:



(in thousands)	December 31, 2019		December 31, 2018
Deferred tax assets:
Leases	$	106,564	$	—
Asset retirement obligations	9,957		7,797
Net operating loss carry-forwards	10,071		12,612
Pension liabilities	3,161		2,873
Accruals and stock based compensation	1,935		6,545
Other	1,408		—
Total gross deferred tax assets	133,096		29,827
Less valuation allowance	—		(862		)
Net deferred tax assets	133,096		28,965

Deferred tax liabilities:
Property, plant and equipment	110,297		99,902
Leases	105,475		—
Intangible assets	27,201		32,727
Prepaid assets and other	26,574		23,789
Total gross deferred tax liabilities	269,547		156,418
Net deferred tax liabilities	$	136,451	$	127,453