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Income Taxes | 6 Months Ended
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Jun. 30, 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 June 30, |  | For the Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
U.S. federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes | 3.6 | % |  | -3.7 | % |  | 3.2 | % |  | 16.9 | %
Non-deductible executive compensation expense | 1.0 | % |  | -2.6 | % |  | 1.0 | % |  | 8.2 | %
Tax deficiency (excess tax benefit) from stock-based compensation | 0.1 | % |  | 0.0 | % |  | 0.1 | % |  | -1.7 | %
Other | 0.1 | % |  | 0.1 | % |  | 0.1 | % |  | 0.3 | %
Effective income tax rate | 25.8 | % |  | 14.8 | % |  | 25.4 | % |  | 44.7 | %
State and local income taxes For the three months ended June 30, 2025, the impact of state and local income taxes on our effective income tax rate changed from the same period in 2024 primarily due to changes in state tax laws enacted during the second quarter of 2024 that were effective retroactively to the beginning of 2024. Those changes increased our state income taxes and reduced, rather than increased, our effective income tax rate for the second quarter of 2024, as we had a pre-tax loss that quarter compared to pre-tax income for the second quarter of 2025. For the six months ended June 30, 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: •The increased impact of an adjustment to an uncertain tax position for state income taxes in the second quarter of 2024 primarily due to lower pre-tax income for the six months ended June 30, 2024. •Changes in state tax laws enacted during the second quarter of 2024 that were effective retroactively to the beginning of 2024. Non-deductible executive compensation expense We recognize non-deductible executive compensation expense as an increase in provision for income taxes or a reduction in 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 2025. For the six months ended June 30, 2025, the impact of non-deductible executive compensation expense on our effective income tax rate decreased from the same period in 2024 primarily due to an increase in pre-tax income. 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. We recognized a tax deficiency in 2025 and an excess tax benefit in 2024. For the six months ended June 30, 2025, the impact on our effective income tax rate decreased from the same period in 2024 primarily due to an increase in pre-tax income.

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