XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of the Company's consolidated provision for income taxes from operations are as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Current income tax expense:
Federal$3,091 $(76)$13,620 $4,705 
State283 133 1,169 747 
Total current income tax expense3,374 57 $14,789 $5,452 
Deferred income tax expense:
Federal3,034 2,744 $7,088 $15,039 
State625 1,121 1,644 2,563 
Total deferred income tax expense3,659 3,865 $8,732 $17,602 
Total income tax expense$7,033 $3,922 $23,521 $23,054 
A reconciliation of the statutory federal income tax rate to the Company's effective income tax rate is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(In thousands)
Tax at statutory rate21.0 %21.0 %21.0 %21.0 %
Nondeductible compensation(0.6)%4.8 %0.3 %0.7 %
Share-based compensation(1.1)%(2.4)%(0.3)%(0.5)%
State income taxes, net of federal benefit2.2 %(2.0)%2.2 %1.4 %
Change in state rate
— %9.8 %— %1.3 %
Effective income tax rate21.5 %31.2 %23.2 %23.9 %
The Company's federal income tax returns for the years subsequent to December 31, 2019, remain subject to examination. The Company's income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2018. The Company currently believes that all other significant filing positions are highly certain and that all of its other significant income tax positions and deductions would be sustained under audit or the final resolution would not have a material effect on the consolidated financial statements. Therefore, the Company has not established any significant reserves for uncertain tax positions.