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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2021

Income Taxes

Schedule of Effective Income Tax Rate Reconciliation

The reconciliations of the U.S. statutory rate with the Company’s effective tax rate for the six-month periods ended June 30, 2021 and 2020 are summarized in the table below:

​

​	​	​	​	​	​
​	​	For the Three Months Ended June 30,			​
​		2021		2020	​
Federal income tax expense at statutory rate		21.0	%	21.0	%
Effect of:		​	​	​	​
Change in valuation allowance	​	101.1	​	(78.5)	​
Tax effects of foreign operations		35.4	​	242.7	​
Change in tax rates	​	20.6	​	-	​
Foreign operations permanent difference - foreign exchange gains and losses	​	9.1	​	144.3	​
Return to provision true up	​	3.2	​	(50.6)	​
State income tax net of federal benefit	​	1.5	​	16.2	​
Withholding tax	​	-	​	9.3	​
Foreign rate differential		(19.6)	​	(34.7)	​
Effect of stock-based compensation	​	(62.1)	​	-	​
Increase (decrease) in unrecognized tax benefits (ASC 740)	​	(64.4)	​	67.1	​
Other		5.4	​	(23.1)	​
Effective tax rate		51.2	%	313.7	%

​

Schedule Of unrecognized Tax Benefits

The following table presents a roll-forward of the Company’s unrecognized tax benefits and associated interest for the six months ended June 30, 2021 (in thousands):

​

​	​	​	​
​		Unrecognized
​		tax benefits
Balance - January 1, 2021	​	$	3,231
Tax settlement matters – prior periods	​		(1,476)
Change in tax position	​	​	(174)
Interest accrual	​		57
Foreign currency remeasurement	​		(27)
Balance - June 30, 2021	​	$	1,611

​

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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