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Income taxes
9 Months Ended
Sep. 30, 2021
Income taxes  
Income taxes

13. Income taxes

The effective tax rate of the Company was 15.3% and 17.7% for the three and nine months ended September 30, 2021 compared to 15.5% and 14.2% for the three and nine months ended September 30, 2020. The nine months ended September 30, 2021 includes a $621 deferred tax adjustment related to prior periods and the Company’s frozen pension plan. Excluding this adjustment, the effective tax rate would be 15.8% for the nine month period ended September 30, 2021, an increase from the year ago period’s 14.2% due to a lower proportion of tax exempt income recognized in 2021 when compared to 2020. Before tax investment tax credits amounted to $276 and $819 for the three and nine months ended September 30, 2021 compared to before tax investment tax credits and other credits of $276 and $821 for those same periods last year.