Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision charged to operations for the years ended December 31, 2022, 2021 and 2020 was as follows (in thousands):
Years Ended December 31,
  2022 2021 2020
Current:
U.S. Federal $ 117,395  $ 90,920  $ 44,395 
State and local 3,835  2,345  1,607 
Current income tax expense 121,230  93,265  46,002 
Deferred (benefit) expense 1,263  (228) (2,389)
Total income tax expense $ 122,493  $ 93,037  $ 43,613 
Schedule of Effective Income Tax Rate Reconciliation Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21% for the years ended December 31, 2022, 2021 and 2020 to income before Federal income taxes as a result of the following (in thousands):
Years Ended December 31,
  2022 2021 2020
Computed tax expense at the statutory rate of 21% $ 119,460  $ 76,234  $ 46,129 
Reduction in income taxes resulting from:
Statutory depletion (823) (584) (4,577)
State taxes 3,045  1,740  1,234 
Executive compensation 1,146  1,687  789 
Prior year tax adjustments (13) 18  7 
Correction of historical tax depletion 805  12,975  — 
Estimated penalties and interest (763) 1,022  — 
Other, net (364) (55) 31 
Total income tax expense $ 122,493  $ 93,037  $ 43,613 
Effective tax rate 21.5  % 25.6  % 19.9  %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2022 and 2021 are as follows (in thousands):
  December 31, 2022 December 31, 2021
Unearned revenue $ 5,621  $ 5,050 
Pension plan liability —  128 
Stock compensation 1,256  — 
Other 48  25 
Total deferred tax assets 6,925  5,203 
Property, plant and equipment 16,958  16,037 
Real estate and royalty interests 30,387  28,114 
Pension plan asset 731  — 
Total deferred tax liabilities 48,076  44,151 
Deferred taxes payable $ (41,151) $ (38,948)