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Note 9 - Income Taxes
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

9. Income Taxes:

 

Our effective tax rate for the three and nine months ended September 30, 2021 was 20.9% and 26.3% compared to the effective tax rate for the three and nine months ended September 30, 2020 of 22.6% and 21.3%. The effective tax rate for the three months ended  September 30, 2021 was lower than the effective tax rate for the three months ended September 30, 2020 primarily due to the deferred tax impact of the prior year United Kingdom tax rate increase from 17% to 19% that was enacted and recorded in the prior period ended September 30, 2020. This decrease was partially offset by the impact of reduced stock option exercises resulting in lower tax benefits from equity compensation in the current period versus the prior period. The effective tax rate for the nine months ended September 30, 2021 was higher than the effective tax rate for the nine months ended September 30, 2020 primarily due to the larger deferred tax impact of the current year tax rate increase from 19% to 25% in the United Kingdom that was enacted and recorded in the second quarter of 2021, as well as the impact of reduced stock option exercises resulting in lower tax benefits from equity compensation in the current period versus the prior period. The difference between statutory tax rates and our effective tax rate is primarily due to tax benefits attributable to equity compensation, offset by additional state and local taxes.