XML 174 R18.htm IDEA: XBRL DOCUMENT v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
11.INCOME TAXES
The Company and its subsidiaries are based in the U.S. and file federal and various state income tax returns. The components of the provision for income taxes were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Current tax expense$10,443 $1,507 $14,748 $2,447 
Deferred tax expense4,062 9,508 6,790 15,346 
Income tax expense$14,505 $11,015 $21,538 $17,793 
Cash paid for income taxes$14,514 $2,798 $14,514 $2,798 
The effective income tax rate for the three and six months ended June 30, 2023 was 26.5% and 26.3%, respectively. The rate varied from the statutory rate primarily as a result of state income taxes, non-deductible compensation, and other permanent differences. The Company incurred a tax rate benefit in the first half of 2023 for increased tax deductions related to stock compensation. The Company anticipates an effective income tax rate for the full year 2023 of approximately 27%.
As a result of the Company’s analysis, management has determined that the Company does not have any material uncertain tax positions.