Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.21.2
Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The calculation of our effective tax rate is as follows for the three and six months ended June 30, 2021 and 2020 (in thousands, except percentages):

Three Months Ended
June 30,		 Six Months Ended
 June 30,
2021 2020 2021 2020
Income before income taxes $ 71,676  $ 34,923  $ 133,703  $ 106,291 
Income tax expense $ 14,630  $ 7,340  $ 26,605  $ 21,307 
Effective tax rate 20.4  % 21.0  % 19.9  % 20.0  %

The effective tax rates were lower than the U.S. federal statutory rate of 21% primarily due to statutory depletion allowed on mineral royalty income.