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Income Taxes
 9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Deferred tax assets and liabilities are recorded based on the difference between the financial statement and tax basis of assets and liabilities at the enacted tax rates. We review our deferred tax assets regularly for recoverability. As of September 30, 2023, we determined that we did not need a valuation allowance on our gross deferred tax assets. Although realization of the deferred tax assets is not assured, management believes that it is more likely than not the deferred tax assets will be realized based on our expectation that we will be able to fully utilize the deductions that are ultimately recognized for tax purposes.
For the nine months ended September 30, 2023, there was no current reporting period activity recorded in the operating statement or the balance sheet related to uncertain tax positions.
The effective tax rate for the three months ended September 30, 2023 was 24.9% compared to 22.5% for the same period last year. The effective tax rate for the nine months ended September 30, 2023 was 25.0% compared to 21.2% for the same period last year. The provision for income taxes differed from the statutory rate as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Federal statutory tax rate
21.0 %21.0 %21.0 %21.0 %
Increases (decrease) resulting from:
State income tax, net of federal tax benefit9.5 %1.5 %1.5 %0.5 %
Disallowed compensation(6.5)%(0.1)%2.8 %(1.8)%
Effect of rate change— %— %— %1.4 %
Nondeductible expenses(0.1)%— %0.3 %(0.1)%
Dividend received deduction1.2 %0.1 %(0.5)%0.3 %
Other, net(0.2)%— %(0.1)%(0.1)%
Effective tax rate
24.9 %22.5 %25.0 %21.2 %