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Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes

Note 6. Income Taxes

The following table summarizes our effective tax rate for the periods presented (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Income before income taxes

 

$

9,736

 

 

$

21,093

 

 

$

28,577

 

 

$

50,059

 

Provision for income taxes

 

 

2,433

 

 

 

4,820

 

 

 

7,102

 

 

 

11,218

 

Effective tax rate

 

 

25.0

%

 

 

22.9

%

 

 

24.9

%

 

 

22.4

%

 

The increase in the effective tax rate for the three months ended June 30, 2023, as compared to the same period in 2022, was primarily due to a decrease in foreign derived intangible income, or FDII, deduction benefits. The increase in the effective tax rate for the six months ended June 30, 2023, as compared to the same period in 2022, was primarily due to a decrease in excess tax benefits related to the exercise of non-qualified stock options and FDII deduction benefits.