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INCOME TAXES
 9 Months Ended
Sep. 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 third quarter of 2021 reflects an effective tax rate of 19.9 percent, compared to an effective rate of 21.8 percent for the comparable period in the prior year. Income tax provision for the nine months ended September 30, 2021 reflects an effective tax rate of 20.1 percent, compared to an effective rate of 19.0 percent for the comparable period in the prior year. The decrease in effective rate during the third quarter of 2021 is primarily due to favorable permanent adjustments compared to the same period of 2020. The effective rate in all periods includes the effect of beneficial discrete adjustments related to restricted stock and the related dividends.