XML 57 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
10. Income Taxes
Our income tax provision and effective income tax rates, including the effects of period-specific events, were:
  
Three months ended
June 30,
Six months ended
June 30,
(dollars in thousands)
2021
2020
2021
2020
Income tax provision$1,745 $4,496 $2,429 $5,192 
Effective income tax rate20.6 %27.6 %27.0 %24.0 %
The decrease in our effective income tax rate for the three months ended June 30, 2021, when compared to the same period in 2020, was primarily attributable to a 2021 discrete tax benefit against lower pre-tax income. The 2020 effective income tax rate was negatively impacted by discrete adjustments comprised of tax expense attributable to stock-based compensation and unrecognized tax benefits net of benefit attributable to deferred tax adjustment. The 2021 effective income tax rate was positively impacted by increased tax benefit attributable to stock-based compensation offset against tax expense attributable to a corporate income tax rate increase enacted during the period against lower pre-tax income.
The increase in our effective income tax rate for the six months ended June 30, 2021 when compared to the same periods in 2020, was primarily attributable to the impact of non deductible expenses against lower pre-tax income.