XML 50 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes
6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company recognized income tax expense of $8.0 million and $6.1 million for the three months ended June 30, 2021 and 2020, 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 $0.6 million more excess tax benefits from stock compensation activity compared to the prior-year quarter. The Company’s effective tax rate for the three months ended June 30, 2021 was 21.2%, compared to 22.2% in the prior-year quarter.
For the six months ended June 30, 2021 and 2020, the Company recognized income tax expense of $13.0 million and $13.3 million, respectively. The decrease in tax expense in the current-year period was largely due to the recognition of $1.7 million more excess tax benefits from stock compensation activity compared to the prior-year period, partially offset by higher pre-tax income levels. The Company’s effective tax rate for the six months ended June 30, 2021 was 20.0%, compared to 22.9% in the prior-year period.