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Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Taxes  
Income Taxes

17. Income Taxes

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The Company is subject to U.S. federal and state income taxes. The income tax provision for interim periods reflects the Company’s estimate of the annual effective tax rate expected to be applicable for the full fiscal year, adjusted for any discrete events which are recorded in the period in which they occur.

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The following table presents information regarding the Company’s income tax expense (benefit) recognized for the three and nine months ended September 30, 2023 and 2022:

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Three Months Ended September 30,

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Nine Months Ended September 30,

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2023

​

2022

​

2023

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2022

Provision for (benefit from) income taxes

$

8,149

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​

$

975

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$

12,808

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$

(3,253)

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Effective tax rate

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28.3

%

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​

68.1

%

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​

44.1

%

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​

15.4

%

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The provision for income taxes for the three months ended September 30, 2023 reflects the estimated annual effective tax rate as adjusted for discrete tax benefits from excess tax benefits from equity compensation awards. The provision for income taxes for the nine months ended September 30, 2023 was impacted by discrete nondeductible costs associated

with the debt extinguishment that occurred in the three months ended March 31, 2023, partially offset by excess tax benefits related to stock compensation. The nondeductible costs from the debt extinguishment were $21,238.

The Company provides a valuation allowance when it is more likely than not that deferred tax assets will not be realized. In determining the extent to which a valuation allowance for deferred tax assets is required, the Company evaluates all available evidence including projections of future taxable income, carry back opportunities, reversal of certain deferred tax liabilities, and other tax planning strategies. The Company has maintained a valuation allowance on the portion of its deferred tax assets that are not more likely than not to be realized due to tax limitation or other conditions as of September 30, 2023.