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Income Taxes
3 Months Ended
Mar. 31, 2021
Income Taxes [Abstract]  
Income Taxes 7. Income Taxes

The effective tax rate for the three months ended March 31, 2021, was 20.2%, an increase from negative 3.4% for the three months ended March 31, 2020. The increase was primarily due to increased profit before tax and fewer excess tax benefits related to option exercises and equity vesting in the three months ended March 31, 2021, as compared to the three months ended March 31, 2020.

On March 11, 2021, President Biden signed the American Rescue Plan Act (“ARPA”). The ARPA includes several provisions, such as measures that extend and expand the employee retention credit, previously enacted under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), through December 31, 2021. For the quarter ended March 31, 2021, we did not record a tax benefit related to the employee retention credit. We are still evaluating the ARPA and we do not expect that it will have a material impact on our financial statements.