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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

During the three months ended March 31, 2025 and 2024, the Company recognized an income tax provision of $9,506 and $8,384, respectively, representing an effective tax rate of 19.6% and 28.2%, respectively.

The effective tax rate for the three months ended March 31, 2025, was less than the statutory tax rate of 21%, principally due to federal and state research and development tax credits and discrete stock compensation windfalls, partially offset by state and local income taxes, the Section 162(m) excess officer compensation limitation, and non-deductible meals and commuter fringe benefits. The effective tax rate for the three months ended March 31, 2024, was greater than the statutory tax rate of 21% principally due to state and local income taxes, the Section 162(m) excess officer compensation limitation, and non-deductible meals and commuter fringe benefits, partially offset by federal and state research development tax credits.

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and in various foreign jurisdictions. The Company’s tax filings remain subject to audits by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Tax years 2021 and forward generally remain open for examination for federal and state tax purposes. Tax years 2020 and forward generally remain open for examination for foreign tax purposes.