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Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes was $0.3 million and $13.1 million for the three months ended June 30, 2025 and 2024, respectively, resulting in an effective tax rate of 0.9% and 25.2%, respectively. The provision for income taxes was $5.9 million and $7.1 million for the six months ended June 30, 2025 and 2024, respectively, resulting in an effective tax rate of 9.7% and 24.9%, respectively.

The Company’s provision for income taxes in interim periods is computed by applying an estimated annual effective tax rate against Income before taxes for the period in addition to recording any tax effects of discrete items for the quarter. The Company’s effective tax rate for the three and six months ended June 30, 2025 differed from the U.S. federal statutory rate due to state taxes and executive compensation deduction limitations which generally increase the rate, offset by research tax credits that generally decrease the rate. Additionally, discrete tax adjustments recorded in the first and second quarter of 2025 related to Internal Revenue Code (IRC) Section 45Q tax credits of $1.8 million and $7.9 million, respectively, offset slightly by state tax legislation changes, resulted in a net 24.7% and 15.7% decrease in the rate for the three and six months ended June 30, 2025, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2024 was higher than the U.S.
federal statutory rate, due to the impacts of state taxes and executive compensation deduction limitations which generally increase the tax rate, partially offset by tax credits which generally decrease the tax rate.