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Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 – INCOME TAXES

The Company’s provision for income taxes in interim periods is typically computed by applying the estimated annual effective tax rates to income or loss before income taxes for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. For the three months ended March 31, 2025, the Company utilized an estimated effective tax rate.

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

(Benefit) expense provision for income taxes

 

$

(317

)

 

$

413

 

Effective tax rate

 

 

41

%

 

 

18

%

 

 

 

 

 

 

 

The effective tax rate of 41% for the three months ended March 31, 2025, differed from the rate for the three months ended March 31, 2024, of 18% primarily due to pre-tax loss for the three months ended March 31, 2025, and a reported pre-tax income for the three months ended March 31, 2024.

Income tax expense for the three months ended March 31, 2025, was calculated using an estimated effective tax rate, which differs from the U.S. federal statutory rate of 21% primarily due to adjustment for production tax credits.