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Note 8 - Income Taxes
 9 Months Ended
Sep. 30, 2023
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

8. Income Taxes

 

The Company calculates its tax provision in interim periods using its best estimate of the effective tax rate expected for the full year. During the three months ended September 30, 2023, the Company’s income tax rate of 24.9% was higher than the statutory rate of 21% due primarily to non-deductible executive compensation expense. During the three months ended September 30, 2022, the Company’s income tax rate of 17.5% was lower than the statutory rate of 21% due primarily to the tax impact of the permanent component of employee stock option exercises.

 

For the nine months ended September 30, 2023, the Company’s tax rate of 24.0% was higher than the statutory rate due primarily to non-deductible executive compensation expense. For the nine months ended September 30, 2022, the Company’s tax rate of 21.5% was higher than the statutory rate also due primarily to non-deductible executive compensation expense.