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Income Taxes (Tables) | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Effective Income Tax Rate Reconciliation | A r econciliation of the Company’s statutory rate to the effective tax rate for the three and six months ended June 30, 2024 and 2023 is as follows:
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Statutory tax rate |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  | 6.0 | % |  |  | 5.8 | % |  |  | 6.0 | % |  |  | 5.8 | %
Executive compensation |  | 1.7 | % |  |  | 1.3 | % |  |  | 1.7 | % |  |  | 1.3 | %
Corporate-owned life insurance |  | (0.3 | %) |  |  | (0.2 | %) |  |  | (0.3 | %) |  |  | (0.3 | %)
Other permanent differences |  | 0.6 | % |  |  | 0.9 | % |  |  | 0.4 | % |  |  | 0.5 | %
Prior year tax adjustments |  | 0.6 | % |  |  | (3.5 | %) |  |  | 0.3 | % |  |  | (1.8 | %)
Capital loss |  | — |  |  |  | (21.3 | %) |  |  | — |  |  |  | (10.6 | %)
Valuation allowance |  | 1.0 | % |  |  | 1.4 | % |  |  | 1.0 | % |  |  | 1.2 | %
Equity-based compensation |  | — |  |  |  | — |  |  |  | (2.4 | %) |  |  | (2.1 | %)
Uncertain tax position |  | 2.3 | % |  |  | — |  |  |  | 2.3 | % |  |  | — |
Tax credits |  | (6.6 | %) |  |  | (1.0 | %) |  |  | (6.6 | %) |  |  | (1.0 | %)
Effective tax rate |  | 26.3 | % |  |  | 4.4 | % |  |  | 23.4 | % |  |  | 14.0 | %
The uncertain tax position and tax credits recognized during the three and six months ended June 30, 2024 are both primarily related to the Research & Experimentation (“R&E”) credits.

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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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