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Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The following table presents our income tax provision and our income tax rate for the three and nine months ended September 30, 2022 and 2021 (in thousands, except percentages):
 For the three months ended
September 30,		For the nine months ended
September 30,
 2022202120222021
Income tax provision$42,153 $37,303 $104,927 $104,523 
Income tax rate28.5 %27.2 %27.3 %27.1 %
The difference between the U.S. statutory tax rate of 21% and our income tax rate for both the three and nine months ended September 30, 2022 and 2021 was primarily a result of state and local income taxes and other permanent book-to-tax differences. The increase in our income tax provision for the three and nine months ended September 30, 2022 was due to an increase in our income tax rate. The increase in our income tax provision for the three months ended September 30, 2022 was additionally a result of an increase in income before income taxes. The increase in our income tax rate for the three and nine months ended September 30, 2022 was attributable to an increase in certain permanent book-to-tax differences and the unfavorable impact of certain discrete tax items during the third quarter of 2022.
As of September 30, 2022 and December 31, 2021, we had no unrecognized income tax benefits.
We file a consolidated federal income tax return including all of our U.S. subsidiaries with the Internal Revenue Service. We additionally file income tax returns with various state, local, and foreign tax agencies. Our income tax returns are subject to audit by various taxing authorities and are currently under examination for the years 2017 through 2020.
The Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) was signed into law on August 16, 2022. Among other provisions, such act creates an excise tax of 1% on the fair value of net stock repurchases in excess of share issuances made by publicly traded U.S. corporations, effective for repurchases after December 31, 2022. The impact of this excise tax on our financial position, and/or liquidity, in future periods, will vary based on the level of repurchases made by us in a given year. While we are still evaluating the potential impact of this excise tax on our results of operations, interpretive accounting guidance indicates that this tax likely can be recorded as a component of treasury stock, as opposed to an expense within the statement of operations, given that it is a direct cost associated with the repurchase of our common stock.
For tax years beginning after December 31, 2022, the Inflation Reduction Act additionally creates a 15% corporate alternative minimum tax on profits of corporations whose average annual adjusted financial statement income exceeds $1.0 billion for any consecutive three-tax-year period preceding the then current tax year. Based on our average annual income for the preceding three years, which has remained below the aforementioned $1.0 billion threshold, as well as the fact that our effective federal income tax rate has historically been in excess of the 15% alternative minimum tax rate, we do not anticipate that this alternative minimum tax will have an impact on our financial position and/or results of operations.