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Income Tax | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Tax | Income Tax The following table includes the Company’s effective income tax rate calculations for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands, except for tax rate) | 2025 |  | 2024 |  | 2025 |  | 2024
(Loss) income before income tax benefit (provision) | $ | (7,059) |  | $ | (1,231) |  | $ | 700 |  | $ | 68,704
Income tax benefit (provision) | 2,401 |  | 6,398 |  | 1,773 |  | (20,951)
Effective tax rate | 34.0 | % |  | 519.7 | % |  | (253.3) | % |  | 30.5 | %
The Company’s income tax provision or benefit for interim periods is determined using an estimate of the Company’s annual effective income tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the Company updates its estimate of the annual effective income tax rate and makes necessary cumulative adjustments to the total tax provision or benefit. The Company’s effective income tax rates of 34.0% and (253.3)% for the three and nine months ended September 30, 2025, respectively, differed from the federal income tax rate of 21.0% primarily due to the pre-tax loss and excess tax benefit on option exercises. The Company considers both positive and negative evidence when measuring the need for a valuation allowance. A valuation allowance is not required to the extent that, in management’s judgment, sufficient positive evidence exists to result in a conclusion that it is more likely than not that the Company’s deferred tax assets will be realized. The Company concluded that as of September 30, 2025, a valuation allowance was not required. On July 4, 2025, new U.S. tax legislation formally titled “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14” and commonly referred to as the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA makes permanent many of the sunsetting tax provisions of the Tax Cuts and Jobs Act enacted in 2017 that were set to expire at the end of 2025. The OBBBA also makes changes to certain U.S. corporate tax provisions, most of which are not effective until 2026. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations or the Company’s financial position.

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