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Income tax provision
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income tax provision
The effective tax rate on pretax income reconciles to the U.S. federal statutory tax rate as follows:

Quarter Ended March 31, 2022Year Ended December 31, 2021
Income tax at federal statutory rate21.0 %21.0 %
Change in valuation allowance100.4 %0.1 %
Tax impact of share-based compensation11.7 %0.9 %
State income tax expense, net of federal income tax benefit2.5 %2.4 %
Non-deductible executive compensation2.5 %1.7 %
Foreign tax rate differences1.7 %1.7 %
Tax on repatriation of foreign earnings1.4 %4.9 %
Non-deductible acquisition costs0.1 %1.5 %
Basis difference in Australian web hosting business(117.6 %)— 
Research and development tax credit(1.1 %)(0.9 %)
Other0.3 %(0.2 %)
Effective tax rate22.9 %33.1 %

During the quarter ended March 31, 2022, we executed an agreement for the sale of our Australian web hosting business, and we completed the sale in May 2022. The assets and liabilities of this business were classified as held for sale in the consolidated balance sheet as of March 31, 2022, and we recognized a deferred tax asset of $14,764 for the difference between the book and tax basis of our investment in this business. We also recorded a valuation allowance of $12,601 against this deferred tax asset for the portion that we do not currently expect to realize.