XML 36 R25.htm IDEA: XBRL DOCUMENT

Income Taxes	9 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 17 -- Income Taxes During the three months ended September 30, 2020 and 2019, the Company recorded approximately $6,146 and $1,866 respectively, of income taxes, which resulted in effective tax rates of 28.5% and 24.2%, respectively. The increase in the effective tax rate as compared with the corresponding period in the prior year was primarily attributable to the non-deductibility of certain executive compensation. Furthermore, the Florida corporate income tax rate was reduced from 5.5% to 4.458% in September 2019. During the nine months ended September 30, 2020 and 2019, the Company recorded approximately $9,143 and $7,173, respectively, of income taxes, which resulted in effective tax rates of 26.9% and 26.3%, respectively. The slight increase in the effective tax rate in 2020 as compared with the corresponding period in the prior year was primarily attributable to the non-deductibility of executive compensation, offset by the recognition of the tax refund from the State of Florida for 2018 income taxes, and the recognition of windfall tax benefits related to share-based awards. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state and foreign income taxes as well as certain nondeductible and tax-exempt items. In addition, the Company determined there were no significant tax implications as a result of the CARES Act.

Income Taxes

9 Months Ended

Sep. 30, 2020

Note 17 -- Income Taxes

During the three months ended September 30, 2020 and 2019, the Company recorded approximately $6,146 and $1,866 respectively, of income taxes, which resulted in effective tax rates of 28.5% and 24.2%, respectively. The increase in the effective tax rate as compared with the corresponding period in the prior year was primarily attributable to the non-deductibility of certain executive compensation. Furthermore, the Florida corporate income tax rate was reduced from 5.5% to 4.458% in September 2019. During the nine months ended September 30, 2020 and 2019, the Company recorded approximately $9,143 and $7,173, respectively, of income taxes, which resulted in effective tax rates of 26.9% and 26.3%, respectively. The slight increase in the effective tax rate in 2020 as compared with the corresponding period in the prior year was primarily attributable

to the non-deductibility of executive compensation, offset by the recognition of the tax refund from the State of Florida for 2018 income taxes, and the recognition of windfall tax benefits related to share-based awards. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state and foreign income taxes as well as certain nondeductible and tax-exempt items. In addition, the Company determined there were no significant tax implications as a result of the CARES Act.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details