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INCOME TAXES	6 Months Ended
Jun. 30, 2021
INCOME TAXES
INCOME TAXES	9. INCOME TAXES The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is adjusted, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate. Income tax provision for the second quarter of 2021 reflects an effective tax rate of 21.4 percent, compared to an effective rate of 18.3 percent for the comparable period in the prior year. Income tax provision for the six months ended June 30, 2021 reflects an effective tax rate of 20.2 percent, compared to an effective rate of 15.5 percent for the comparable period in the prior year. The increase in effective rate is primarily due to higher pre-tax income for the three and six months ended June 30, 2021, as well as unfavorable adjustments related to state tax liabilities and the true up of the 2020 tax return, recorded as a discrete item. The effective rate in all periods includes the effect of beneficial discrete adjustments related to restricted stock and the related dividends.

INCOME TAXES

6 Months Ended

Jun. 30, 2021

9. INCOME TAXES

The Company determines its periodic income tax provision based upon the current period income and the annual estimated tax rate for the Company adjusted for discrete items including tax credits and changes to prior year estimates. The estimated tax rate is adjusted, if necessary, as of the end of each successive interim period during the fiscal year to the Company’s current annual estimated tax rate.

Income tax provision for the second quarter of 2021 reflects an effective tax rate of 21.4 percent, compared to an effective rate of 18.3 percent for the comparable period in the prior year. Income tax provision for the six months ended June 30, 2021 reflects an effective tax rate of 20.2 percent, compared to an effective rate of 15.5 percent for the comparable period in the prior year. The increase in effective rate is primarily due to higher pre-tax income for the three and six months ended June 30, 2021, as well as unfavorable adjustments related to state tax liabilities and the true up of the 2020 tax return, recorded as a discrete item. The effective rate in all periods includes the effect of beneficial discrete adjustments related to restricted stock and the related dividends.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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