Income Taxes

3 Months Ended

Mar. 31, 2021

The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three month periods ended March 31, 2021 and 2020, the Company’s approximate effective tax rates were as follows:


	2021	2020

Three months ended March 31,	24.6%	23.9%

In the three months ended March 31, 2021, the Company recognized approximately $0.9 million of excess tax benefits related to stock compensation for employees and $1.0 million in expense for other discrete tax items related to state deferred tax rate adjustments due to the QuickChek acquisition. For the three months ended March 31, 2020, the Company recognized a tax benefit of approximately $0.6 million of excess tax benefits related to stock compensation and $0.4 million for other discrete tax items.

As of March 31, 2021, the earliest year remaining open for federal and state audit and/or settlement is 2017 and 2015, respectively. Although the Company believes that recorded liabilities for uncertain tax positions are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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