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Income Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes | -3.7 | % |  | -4.3 | % |  | 16.9 | % |  | 1.9 | %
Non-deductible executive compensation expense | -2.6 | % |  | 3.6 | % |  | 8.2 | % |  | 1.8 | %
Excess tax benefits from stock-based compensation | 0.0 | % |  | 0.1 | % |  | -1.7 | % |  | -3.5 | %
Other | 0.1 | % |  | 0.0 | % |  | 0.3 | % |  | 0.1 | %
Effective income tax rate | 14.8 | % |  | 20.4 | % |  | 44.7 | % |  | 21.3 | %
State and local income taxes For the three months ended June 30, 2024 and 2023, state and local income taxes reduced our effective income tax rate primarily due to: •Changes in state tax laws enacted during the second quarter of 2024 that were effective retroactively to the beginning of 2024 increased our state income taxes and reduced, rather than increased, our effective income tax rate, as we had a pre-tax loss this quarter compared to pre-tax income for the second quarter of 2023. •The settlement of an uncertain tax position for state income taxes during the second quarter of 2023 decreased our effective income tax rate for that period. For the six months ended June 30, 2024, the impact of state and local income taxes on our effective income tax rate increased from the same period in 2023 primarily due to: •The increased impact of an adjustment to an uncertain tax position for state income taxes in the second quarter of 2024 primarily due to a decrease in pre-tax income. •Changes in state tax laws enacted during the second quarter of 2024 that were effective retroactively to the beginning of 2024. •The settlement of an uncertain tax position for state income taxes in the second quarter of 2023. Non-deductible executive compensation expense We recognize non-deductible executive compensation expense as an increase of provision for income taxes or a reduction of benefit for income taxes. For the second quarter of 2024, the impact of non-deductible executive compensation expense reduced, rather than increased, our effective income tax rate, as we had a pre-tax loss in the period, compared to pre-tax income in the second quarter of 2023. For the six months ended June 30, 2024, the impact of non-deductible executive compensation expense on our effective income tax rate increased from the same period in 2023 primarily due to a decrease in pre-tax income. Excess tax benefits from stock-based compensation We recognize an excess tax benefit or tax deficiency when the deduction for the stock-based compensation expense of a stock award for tax purposes differs from the cumulative stock-based compensation expense recognized in the financial statements. The excess tax benefit or tax deficiency is recognized in provision for income taxes in the period in which the amount of the deduction is determined, which is when restricted stock units are settled in common stock or stock options are exercised. Excess tax benefits reduce our effective income tax rate, while tax deficiencies increase our effective income tax rate. The decrease in the impact of excess tax benefits on our effective income tax rate for the six months ended June 30, 2024 was primarily due to a decrease in the number of restricted stock units that were settled in common stock during the first quarter of 2024 as compared to the first quarter of 2023 due to the timing of long-term stock award grants, partially offset by a decrease in pre-tax income.

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