Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Schedule of income tax (benefit) expense (in thousands)

	2020		2019		2018
Current income tax expense (benefit)	$	1,537	$	(4)	$	1,863
Deferred income tax expense		4,312		4,848		20
Income tax expense	$	5,849	$	4,844	$	1,883

Schedule of reconciliation of income taxes computed at the federal statutory rate to income tax expense (in thousands)

	2020				2019				2018
			Percent of				Percent of				Percent of
			Pretax				Pretax				Pretax
	Amount		Income		Amount		Income		Amount		Income
Income taxes computed at the federal statutory rate	$	7,155	21.0	%	$	6,489	21.0	%	$	4,529	21.0	%
(Reduction) increase in taxes resulting from:
Statutory depletion in excess of cost depletion		(1,266)	(3.7)			(1,200)	(3.9)			(1,199)	(5.6)
Research and development tax credits		—	—			(1,155)	(3.7)			(1,775)	(8.2)
State income taxes, net of federal income tax benefit		(262)	(0.8)			155	0.5			178	0.8
Other		222	0.7			555	1.8			150	0.7
Income tax expense	$	5,849	17.2	%	$	4,844	15.7	%	$	1,883	8.7	%

Summary of the Company's deferred tax liabilities and assets (in thousands)

	December 31,		December 31,
	2020		2019
Deferred tax liabilities
Lime and limestone property, plant and equipment	$	21,297	$	16,928
Operating lease right-of-use assets		513		735
Natural gas interests drilling costs and equipment		519		1,040
		22,329		18,703
Deferred tax assets
Operating lease liabilities		511		728
Other		287		757
		798		1,485
Deferred tax liabilities, net	$	21,531	$	17,218

Current income taxes are classified on the Company’s Consolidated Balance Sheets as follows:

Prepaid expenses and other current assets	$	—	$	416
Accrued expenses	$	990	$	—