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Income Taxes
 6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company recorded income tax benefits of $0.8 million and $1.2 million during the six months ended June 30, 2022 and 2021, respectively. The tax benefits were primarily associated with the recognition of deferred tax assets for the future tax benefits for a small portion of its losses in these periods.
The effective tax rate for the six months ended June 30, 2022 and June 30, 2021 were 0.29% and 0.73% respectively. The Company’s effective tax rates were lower than the U.S, statutory rate of 21% as almost full valuation allowances were recorded against the Company’s deferred tax assets for the future tax benefits of its losses in these periods.
The Company regularly evaluates the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all the deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carrybacks and tax-planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative losses in recent years, as a significant piece of negative evidence to overcome. At June 30, 2022 and December 31, 2021, the Company continued to maintain that a portion of its deferred tax assets do not meet the more likely than not realization threshold. Therefore, the net deferred tax assets have been partially offset by a valuation allowance.