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Income Taxes
 6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe Company computes its provision (benefit) for income taxes by applying the estimated annual effective tax rate to pretax income or loss and adjusts the provision for discrete tax items recorded in the period.
For the three and six months ended June 30, 2021, the Company recorded an income tax benefit of $(15.9) million and $(12.7) million, respectively. For the three and six months ended June 30, 2020, the Company recorded income tax expense of $0.2 million and $0.3 million, respectively.
The effective tax rates for the three and six months ended June 30, 2021 were 23% and 24%, respectively, and the effective tax rates for the three and six months ended June 30, 2020 were 1% and 3%, respectively.
The effective tax rate for the three and six months ended June 30, 2021 differed from the U.S. federal statutory tax rate of 21% primarily due to excess tax benefits relating to the exercise of non-qualified stock options and settlement of RSUs, partially offset by permanent items such as the Company’s Direct Listing costs and Section 162(m) officer compensation limitations. The effective tax rate for the three and six months ended June 30, 2020 differed from the U.S. federal statutory tax rate of 21% primarily due to the valuation allowance maintained against net U.S. federal and state deferred tax assets.
During the fourth quarter of 2020, the Company released its full valuation allowance on its U.S. federal and state net deferred tax assets, as it was more likely than not that those deferred tax assets would be realized. The Company has maintained this position for the three and six months ended June 30, 2021.
During the six months ended June 30, 2021, the Company continued to record reserves for the current year uncertain tax positions recognized within the effective tax rate. The Company does not expect its unrecognized tax benefits to change significantly over the next twelve months.