(in thousands)

Three months ended September 30,

Nine months ended September 30,

2023

2022

2023

2022

Income tax expense (benefit) at U. S. statutory income tax rate

$

(187

)

$

9,450

$

5,456

$

7,856

Valuation allowance

(212

)

(9,609

)

(5,876

)

(9,140

)

Non-deductible compensation

166

695

232

763

Investment income

(54

)

(161

)

29

(172

)

State income tax

80

2,488

690

2,683

Indefinite life intangibles

59

(78

)

198

29

Disposition of subsidiary

18

3,267

18

3,267

Contingent consideration

—

4

14

319

Other

28

5

49

15

Income tax expense

$

(102

)

$

6,061

$

810

$

5,620