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Income Taxes
 3 Months Ended
Mar. 31, 2025
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 
March 31,
 20252024
U.S. federal statutory income tax rate21.0 %21.0 %
State and local income taxes2.8 %3.7 %
Non-deductible executive compensation expense1.1 %1.3 %
     Tax deficiency (excess tax benefit) from stock-based compensation0.1 %-0.6 %
Other0.0 %0.2 %
Effective income tax rate25.0 %25.6 %

State and local income taxes

For the three months ended March 31, 2025, the impact of state and local income taxes on our effective income tax rate decreased from the same period in 2024, primarily due to having a lower proportion of our consolidated net income reserved for uncertain tax positions.

Tax deficiency or excess tax benefit from stock-based compensation

We recognize a tax deficiency or excess tax benefit when the tax deduction for the stock-based compensation expense of a stock award differs from the cumulative stock-based compensation expense recognized in the financial statements. The tax deficiency or excess tax benefit is recognized in provision for income taxes in the period in which the amount of the tax deduction is determined, which is when restricted stock units are settled in common stock or stock options are exercised. Tax deficiencies increase our effective income tax rate, while excess tax benefits reduce our effective income tax rate. The change in the impact on our effective income tax rate for the three months ended March 31, 2025 was primarily due to the recognition of a tax deficiency in the current quarter compared to an excess tax benefit recognized during the first quarter of 2024.