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Income Taxes
 9 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

13) Income Taxes

 

The Company’s overall effective tax rate for the three months ended September 30, 2021 and 2020 was 23.7% and 24.0%, respectively, which resulted in a provision for income taxes of $3,352,663 and $ 9,279,162, respectively. The Company’s overall effective tax rate for the nine months ended September 30, 2021 and 2020 was 24.3% and 23.6%, respectively, which resulted in a provision for income taxes of $10,998,876 and $ 15,965,656, respectively. The Company’s effective tax rates differ from the U.S. federal statutory rate of 21% partially due to its provision for state income taxes. The effective tax rate in the current period decreased when compared to the prior year period partly due to the Company’s provision for state income taxes.

 

Interim income taxes are based on an estimated annualized effective tax rate applied to the respective quarterly periods, adjusted for discrete tax items in the period in which they occur. Although the Company believes its tax estimates are reasonable, the Company can make no assurance that the final tax outcome of these matters will not be different from that which it has reflected in its historical income tax provisions and accruals.