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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

11. Income Taxes

For the three months ended June 30, 2025 and 2024, the Company recognized an income tax expense of $13.5 million on a pre-tax income of $40.2 million and income tax expense of $3.8 million on a pre-tax income of $37.2 million, respectively, resulting in effective tax rates of 33.7% and 10.2%, respectively. The effective tax rate for the three months ended June 30, 2025 varies from the U.S. federal statutory tax rate of 21% due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance. The effective tax rate for the three months ended June 30, 2024 varies from the U.S. federal statutory tax rate of 21% due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance.

For the six months ended June 30, 2025 and 2024, the Company recognized an income tax expense of $22.3 million on a pre-tax income of $68.0 million and income tax expense of $8.2 million on a pre-tax income of $58.2 million, respectively, resulting in effective tax rates of 32.9% and 14.1%, respectively. The effective tax rate for the six months ended June 30, 2025 varies from the U.S. federal statutory tax rate of 21% due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance. The effective tax rate for the six months ended June 30, 2024 varies from the U.S. federal statutory tax rate of 21% due to federal and state income tax expense as a result of current taxable income, offset by valuation allowance.