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INCOME TAXES | 9 Months Ended
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Sep. 30, 2020
INCOME TAXES |
INCOME TAXES | NOTE 8—INCOME TAXES ​ The Company’s effective tax rate for the three and nine months ended September 30, 2020 was 9.9% and 57.6% based on pretax income of $2.3 million and $3.1 million, respectively. The Company’s effective tax rate for the quarter ended September 30, 2020 was impacted by the earnings and losses in certain foreign jurisdictions, the impact of a tax law in a foreign jurisdiction, and the impact of vesting of restricted stock units. The Company’s effective tax rate for the three and nine months ended September 30, 2019 was 57.8% and 65.5%. The difference was primarily due to the impact of earnings and losses in certain foreign jurisdictions. The Company has recorded the impact of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) signed into law on March 27, 2020. The CARES Act implemented changes to raise the limitation on interest expense current deductibility and leasehold improvement asset classification for bonus depreciation eligibility, which allowed the Company to reduce prior accruals made for its 2019 income tax provision. The tax effect of these changes total $0.8 million and are included in Prepaid expenses and other current assets and Deferred tax assets; there is no impact on the Company’s effective tax rate for the three and nine months ended September 30, 2020 as a result of the CARES Act.

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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