Company: NC
Filing Date: 2025-04-07
Form Type: ARS
Source: 0000789933-25-000013
Chunk: 173

Company: NACCO INDUSTRIES INC
Filing Date: 2025-04-07
Form: ARS
Chunk 173
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2023 Basic weighted average shares outstanding 7,363 7,478 Dilutive effect of restricted stock awards 48 N/A Diluted weighted average shares outstanding 7,411 7,478 Basic earnings (loss) per share $ 4.58 $ (5.29) Diluted earnings (loss) per share $ 4.55 $ (5.29) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NACCO INDUSTRIES, INC. AND SUBSIDIARIES (Tabular Amounts in Thousands, Except Per Share, Percentage Data and Oil and Gas Disclosures) F-27

NOTE 13—Income Taxes We provide for income taxes and the related accounts under the asset and liability method. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to be in effect during the year in which the basis differences reverse. Valuation allowances are established when management determines it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The components of Income (loss) before income tax benefit and the Income tax benefit for the years ended December 31 are as follows: 2024 2023 Income (loss) before income tax benefit Domestic $ 33,637 $ (64,077) Foreign 9 (81) $ 33,646 $ (64,158) Income tax benefit Current income tax provision (benefit): Federal $ (2,520) $ (3,405) State 906 290 Foreign 2 (342) Total current (1,612) (3,457) Deferred income tax provision (benefit): Federal 1,373 (16,467) State 144 (4,647) Total deferred 1,517 (21,114) $ (95) $ (24,571) We made income tax payments of $5.2 million and $1.4 million during 2024 and 2023, respectively. During the same periods, income tax refunds totaled $1.0 million and $14.9 million, respectively. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before the provision for income taxes. A reconciliation of the federal statutory and effective income tax rate for the years ended December 31 is as follows: 2024 2023 Income (loss) before income tax benefit $ 33,646 $ (64,158) Statutory