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Income Taxes (Tables)

9 Months Ended

Sep. 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 nine -month periods ended September 30, 2021 and 2020 are summarized in the table below:

​

​	​	​	​	​	​
​	​	For the Nine Months Ended September 30,			​
​		2021		2020	​
Federal income tax expense at statutory rate		21.0	%	(21.0)	%
Effect of:		​	​	​	​
Change in valuation allowance	​	2,468.8	​	(660.0)	​
Effect of Section 162 (m)		549.9	​	-	​
Foreign operations permanent difference - foreign exchange gains and losses	​	271.9	​	90.3	​
Change in tax rates	​	225.0	​	-	​
Tax effects of foreign operations	​	79.8	​	1,610.6	​
State income tax net of federal benefit	​	43.2	​	(120.1)	​
Return to provision true up		31.6	​	(14.8)	​
Foreign rate differential	​	(478.8)	​	(295.9)	​
Increase (decrease) in unrecognized tax benefits (ASC 740)	​	(490.0)	​	410.5	​
Effect of stock-based compensation	​	(1,573.2)	​	263.7	​
Other		22.5	​	29.0	​
Effective tax rate		1,171.7	%	1,292.3	%

​

Schedule Of unrecognized Tax Benefits

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

​

​	​	​	​
​		Unrecognized
​		tax benefits
Balance - January 1, 2021	​	$	3,231
Tax settlement matters – prior periods	​		(1,713)
Change in tax position	​	​	149
Interest accrual	​		84
Foreign currency remeasurement	​		(32)
Balance - September 30, 2021	​	$	1,719

​

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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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