Income Taxes

9 Months Ended

Sep. 30, 2019

Income Taxes

Income Taxes

10.    Income Taxes

The Company has estimated that its effective income tax rate for 2019 will be 15.5%.  The primary reason for the effective income tax rate being below the federal statutory rate is due to statutory depletion, which is allowed for income tax purposes and is a permanent difference between net income for financial reporting purposes and taxable income, and the effects of research and development tax credits.