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Note 13 - Income Taxes
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

13.      INCOME TAXES

 

The Company’s effective tax rate was 20.3% and 19.0% for the three months ended September 30, 2021 and 2020, respectively, and 8.9% and 15.1% for the nine months ended September 30, 2021 and 2020, respectively. The increase in the effective tax rate for the three months ended September 30, 2021 compared to the prior year quarter was due primarily to a $6.2 million increase in income tax expense related to a change in the valuation allowance associated with the MBI Net Option described in note 5 and a $3.2 million income tax benefit in the prior year quarter attributable to the net operating loss ("NOL") carryback provision of the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") that did not recur in the current year, partially offset by a $5.9 million favorable impact from state taxes due to an increase in state tax credits recognized and a lower blended effective state tax rate and a $1.8 million increase in excess tax benefit from equity-based compensation awards. The decrease in the effective tax rate for the nine months ended September 30, 2021 compared to the prior year period was related primarily to a $35.4 million increase in income tax benefit from the reversal of a pre-existing deferred tax liability on the investment in Hargray, partially offset by a $13.0 million income tax benefit attributable to the NOL carryback provision of the CARES Act in the prior year period that did not recur in 2021 and a $10.0 million increase in income tax expense related to a change in the valuation allowance associated with the MBI Net Option.