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Note 17 - Income Taxes

9 Months Ended

Sep. 30, 2020

17. Income Taxes

The following table presents the provision for (benefit from) income taxes for the respective periods:

	*Three Months Ended September 30,*						*Nine Months Ended September 30,*
				*As Restated*						*As Restated*
(dollars in thousands)	*2020*			*2019*			*2020*			*2019*
Provision for (benefit from) income taxes	$	11,272		$	11,747		$	(5,220	)	$	(11,516	)
Effective tax rate		(12.9	)%		20.8	%		2.9	%		23.9	%

Our effective tax rate for the three and nine months ended September 30, 2020 decreased to (12.9)% and 2.9% from 20.8% and 23.9% respectively, when compared to the same period in 2019. This change was primarily due to the goodwill impairment and the investment in affiliates impairment which is discrete to the three months ended March 31, 2020 and resulted in no discrete tax benefit and the second goodwill impairment which is discrete to the three months ended September 30, 2020 and resulted in no discrete tax benefit. See Note 4 for discussion of the impairment charges.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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