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Income Taxes | 6 Months Ended
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Jun. 30, 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 June 30, |  | For the Six Months Ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
| Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage |  | Amount |  | Percentage
U.S. federal statutory income tax rate | $ | 35.4 |  |  | 21.0 | % |  | $ | 24.8 |  |  | 21.0 | % |  | $ | 72.1 |  |  | 21.0 | % |  | $ | 54.5 |  |  | 21.0 | %
State and local income taxes | 3.2 |  |  | 1.9 | % |  | 4.2 |  |  | 3.6 | % |  | 6.7 |  |  | 2.0 | % |  | 8.2 |  |  | 3.2 | %
Non-deductible executive compensation expense | 1.0 |  |  | 0.6 | % |  | 1.2 |  |  | 1.0 | % |  | (0.2) |  |  | -0.1 | % |  | 2.7 |  |  | 1.0 | %
Tax deficiency (excess tax benefit) from stock-based compensation | (2.1) |  |  | -1.2 | % |  | 0.1 |  |  | 0.1 | % |  | (1.9) |  |  | -0.6 | % |  | 0.2 |  |  | 0.1 | %
Research and development tax credits | (4.8) |  |  | -2.9 | % |  | — |  |  | — | % |  | (4.8) |  |  | -1.4 | % |  | — |  |  | — | %
Other | — |  |  | — | % |  | 0.1 |  |  | 0.1 | % |  | — |  |  | — | % |  | 0.2 |  |  | 0.1 | %
Effective income tax rate | $ | 32.7 |  |  | 19.4 | % |  | $ | 30.4 |  |  | 25.8 | % |  | $ | 71.9 |  |  | 20.9 | % |  | $ | 65.8 |  |  | 25.4 | %
State and local income taxes For the three months ended June 30, 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 changes in state tax laws enacted during the second quarter of 2025 that increased our effective income tax rate for that period. In contrast, the second quarter of 2026 had relatively few state tax law changes enacted, resulting in minimal impact to our effective income tax rate for that period. For the six months ended June 30, 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 For the three and six months ended June 30, 2026, the impact of non-deductible executive compensation expense decreased from the same periods in 2025, primarily as a result of the reversal of previously recognized non-deductible executive compensation expense due to the retirement of certain executive officers during 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 benefit for the three and six months ended June 30, 2026. We recognized a tax deficiency for the three and six months ended June 30, 2025. Research and development tax credits During the three and six months ended June 30, 2026, the effective income tax rate was reduced by the recognition of research and development tax credits related to qualified activities.

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