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Income Taxes
 9 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 – INCOME TAXES

For the three and nine months ended March 31, 2022 and 2021, respectively, the Company’s income tax expense is composed of the following:

 

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

(In thousands)

2022

 

 

2021

 

 

2022

 

 

2021

 

Current income tax expense

$

4,911

 

 

$

1,722

 

 

$

10,320

 

 

$

4,627

 

Deferred income tax benefit

 

(384

)

 

 

(746

)

 

 

(918

)

 

 

(1,172

)

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

$

4,527

 

 

$

976

 

 

$

9,402

 

 

$

3,455

 

 

The Company’s effective tax rates prior to discrete items for the three months and nine months ended March 31, 2022 and 2021 are higher than the U.S. federal statutory rates primarily due to earnings in foreign operations and state taxes. The actual income tax through the nine months ended March 31, 2022 results in an effective tax rate of 25.5%, which is higher than the U.S. federal statutory rate due to earnings in foreign operations and state taxes and reduced by $238 of share-based compensation benefits, which is discretely recognized in the quarter and is not a component of the Company’s annualized forecasted effective tax rate for the fiscal year ending June 30, 2022. The Company does not have any uncertain tax positions.