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Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2026
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, |  |
| 2026 |  | 2025 |  |  |  |
| Amount |  | Percentage |  | Amount |  | Percentage |  |  |  |
U.S. federal statutory income tax rate | $ | 36.7 |  |  | 21.0 | % |  | $ | 29.8 |  |  | 21.0 | % |  |  |  |
State and local income taxes | 3.5 |  |  | 2.0 | % |  | 3.9 |  |  | 2.8 | % |  |  |  |
Non-deductible executive compensation expense | -1.2 |  |  | -0.7 | % |  | 1.6 |  |  | 1.1 | % |  |  |  |
Tax deficiency from stock-based compensation | 0.2 |  |  | 0.1 | % |  | 0.1 |  |  | 0.1 | % |  |  |  |
Effective income tax rate | $ | 39.2 |  |  | 22.4 | % |  | $ | 35.4 |  |  | 25.0 | % |  |  |  |
State and local income taxes For the three months ended March 31, 2026, the impact of state and local income taxes on our effective income tax rate decreased from the same period in 2025, primarily due to a decrease in the proportion of our consolidated net income reserved for uncertain tax positions. Non-deductible executive compensation expense In the normal course of business, we recognize non-deductible executive compensation expense as an increase in provision for income taxes. For the three months ended March 31, 2026, the impact of non-deductible executive compensation expense decreased our provision for income taxes and our effective income tax rate, primarily as a result of the reversal of previously recognized non-deductible executive compensation expense due to the retirement of certain executive officers during the first quarter of 2026. 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 for the three months ended March 31, 2026 and 2025.

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