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Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company recognized income tax expense of $4.9 million and $4.3 million for the three months ended September 30, 2022 and 2021, respectively. During the three months ended September 30, 2022, the Company recognized a $2.7 million tax benefit from the release of a valuation allowance that had previously been recorded against deferred tax assets associated with foreign tax credits in the U.S., which are now considered more-likely-than-not to be realized, primarily due to tax planning strategies. The Company also recognized a $1.1 million tax benefit during the three months ended September 30, 2022 associated with the release of a valuation allowance in the U.K., as the associated deferred tax assets are now considered more-likely-than-not to be realized primarily due to increased projections of future taxable income. During the three months ended September 30, 2021, the Company recognized a $3.4 million tax benefit associated with the release of state valuation allowances and a $1.1 million tax benefit associated with the remeasurement of deferred taxes for changes in state tax apportionment, both of which resulted from a change in tax status during the quarter. Including these items, the Company’s effective tax rate for the three months ended September 30, 2022 was 13.4%, compared to 12.8% in the prior-year quarter.
For the nine months ended September 30, 2022 and 2021, the Company recognized income tax expense of $23.1 million and $17.3 million, respectively. The increase in tax expense in the current-year period was largely due to higher pre-tax income levels and a $3.2 million reduction in the amount of excess tax benefits from stock compensation activity compared to the prior-year period. Including these items, the Company’s effective tax rate for the nine months ended September 30, 2022 was 21.2%, compared to 17.6% in the prior-year period.