v3.26.1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
The components of the Company's consolidated provision for income taxes from operations are as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Current income tax (benefit) expense:
Federal$(770)$4,345 $— $13,469 
State(130)493 120 1,434 
Total current income tax (benefit) expense$(900)$4,838 $120 $14,903 
Deferred income tax expense:
Federal$26,842 $4,466 $4,468 $2,666 
State1,391 400 457 374 
Total deferred income tax expense$28,233 $4,866 $4,925 $3,040 
Total income tax expense$27,333 $9,704 $5,045 $17,943 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:
Three Months Ended June 30,
20262025
AmountPercentAmountPercent
(In thousands)
U.S federal statutory tax rate
$24,088 21.0 %$8,932 21.0 %
State income taxes, net of federal income tax effect(1)
2,722 2.4 %705 1.7 %
Nondeductible items:
Nondeductible compensation
701 0.6 %166 0.4 %
Stock-based compensation
(227)(0.2)%(101)(0.3)%
Other49 — %— %
Effective income tax rate$27,333 23.8 %$9,704 22.8 %
Six Months Ended June 30,
20262025
AmountPercentAmountPercent
(In thousands)
U.S federal statutory tax rate
$4,616 21.0 %$16,180 21.0 %
State income taxes, net of federal income tax effect(1)
513 2.3 %1,428 1.9 %
Nondeductible items:
Nondeductible compensation
142 0.6 %435 0.6 %
Stock-based compensation
(240)(1.1)%(106)(0.2)%
Other14 0.1 %— %
Effective income tax rate$5,045 22.9 %$17,943 23.3 %
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(1)State taxes in New Mexico and Texas make up the tax effect in this category.
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(In thousands)
Total federal
$11,720 $2,900 $21,720 $11,900 
State and local:
New Mexico
$1,892 $2,020 $1,892 $2,020 
Texas
591 864 591 864 
Total state and local
$2,483 $2,884 $2,483 $2,884 
Total income taxes paid
$14,203 $5,784 $24,203 $14,784