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Note 9 - Income Taxes
 9 Months Ended
Sep. 30, 2022
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, 2022 was 22.7% and 18.7% compared to the effective tax rate for the three and nine months ended September 30, 2021 of 20.9% and 26.3%. The effective tax rate for the three months ended September 30, 2022 was higher than the effective tax rate for the three months ended  September 30, 2021 primarily due to 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, 2022 was lower than the effective tax rate for the nine months ended September 30, 2021 primarily due to the deferred tax impact of the tax rate increase in the United Kingdom that was enacted and recorded in the prior period. The effective tax rate for the nine months ended September 30, 2022 was also lower than the prior period due to a tax rate benefit in connection with the sale of our environmental health and safety business for which a benefit was recognized for the difference between book and tax basis of our investment. 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.