Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.21.2
Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The calculation of our effective tax rate is as follows for the three and nine months ended September 30, 2021 and 2020 (in thousands, except percentages):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2021 2020 2021 2020
Income before income taxes $ 103,753  $ 58,035  $ 237,456  $ 164,325 
Income tax expense $ 19,916  $ 11,760  $ 46,521  $ 33,067 
Effective tax rate 19.2  % 20.3  % 19.6  % 20.1  %

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.