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Income Taxes | 6 Months Ended
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Jun. 30, 2024
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Current tax expense | $ | 15,952 |  |  | $ | 10,443 |  |  | $ | 22,039 |  |  | $ | 14,748 |
Deferred tax expense | 2,000 |  |  | 4,062 |  |  | 3,517 |  |  | 6,790 |
Income tax expense | $ | 17,952 |  |  | $ | 14,505 |  |  | $ | 25,556 |  |  | $ | 21,538 |
Cash paid for income taxes | $ | 13,820 |  |  | $ | 14,514 |  |  | $ | 13,820 |  |  | $ | 14,514 |
The effective income tax rate for the three and six months ended June 30, 2024 was 24.8% and 22.4%, respectively. The rate varied from the statutory rate primarily as a result of non-deductible compensation, state income taxes and other permanent differences. The Company incurred a $488 and $3,388 tax benefit for the three and six months ended June 30, 2024, respectively, for increased tax deductions related to stock compensation. The Company anticipates an effective income tax rate for the full year 2024 of approximately 25%. Uncertain Tax Positions—The Company's U.S. federal and state income tax returns for 2021 and later are open and subject to examination. Additionally, federal and state NOLs may be adjusted by the taxing authorities for the 2013 and later tax years. The Company has an Uncertain Tax Position (“UTP”) liability of $8,077 and an additional liability related to the UTP for penalties of $1,615 and interest of $1,073 at June 30, 2024. We recognize interest and penalties related to the UTP as administrative expense. The UTP, including penalties and interest, is fully offset by an indemnification receivable at June 30, 2024.

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