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Income Taxes
3 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company recognized income tax expense of $7.2 million and $5.9 million for the three months ended March 31, 2020 and 2019, respectively. The increase in tax expense in the current-year quarter was largely due to higher pre-tax income levels, partially offset by the recognition of a $0.7 million excess tax benefit from stock compensation activity. The Company’s effective tax rate for the three months ended March 31, 2020 was 23.5%, compared to 25.2% in the prior-year quarter.
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. The income tax provisions of the CARES Act had limited applicability to the Company as of March 31, 2020, and therefore, the enactment of the CARES Act did not have a material impact on the Company’s consolidated financial statements as of, and for the three months ended, March 31, 2020.