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Income Taxes
 3 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes

NOTE 13 – INCOME TAXES

For the three months ended September 30, 2022 and 2021, respectively, the Company’s income tax expense is composed of the following:

 

 

Three Months Ended September 30,

 

(In thousands)

2022

 

 

2021

 

 

 

 

 

(as restated)

 

Current income tax expense (benefit)

$

3,262

 

 

$

2,609

 

Deferred income tax expense (benefit)

 

(498

)

 

 

(207

)

 

 

 

 

 

 

Income tax expense

$

2,764

 

 

$

2,402

 

 

The Company’s effective tax rates prior to discrete items for the three months ended September 30, 2022 and 2021 are higher than the U.S. federal statutory rates primarily due to the jurisdictional mix of income and state taxes. Income tax expense for the three months ended September 30, 2022 results in an effective tax rate of 24.38%, which is higher than the U.S. federal statutory rate due to jurisdictional mix of income and state taxes, and reduced by 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, 2023. The actual income tax through the three months ended September 30, 2021 was 24.87%, which was higher than the U.S. federal statutory rate due to earnings in foreign operations and state taxes and reduced by share-based compensation benefits. The Company does not have any uncertain tax positions.