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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes
9. Income Taxes
Our income tax provision (benefit) and effective income tax rates, including the effects of period-specific events, were:
  
Three months ended
March 31,
(dollars in thousands)
2025
2024
Income tax provision (benefit)$723 $(1,456)
Effective income tax rate12.9 %(38.4)%
The increase in our effective income tax rate for the three months ended March 31, 2025 when compared to the same period in 2024 was primarily due to the impact of reduced current year stock-based compensation benefit. Additionally, the current year effective tax rate was unfavorably impacted by a valuation allowance against our net U.S. deferred tax assets.