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Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 7 — Income Taxes

 

The Company’s income tax expense of $2.3 million for the three months ended June 30, 2024, reflects an effective tax rate of 30.2%. The Company’s income tax expense of $1.5 million for the three months ended June 30, 2023, reflects an effective tax rate of 19.3%. The increase in tax expense during the three months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to an increase in the forecasted annual effective tax rate which increased primarily due to non-deductible compensation and foreign inclusions.

 

The Company’s income tax benefit of $4.4 million for the six months ended June 30, 2024 reflects an effective tax (benefit) rate of 33.2%. The Company’s income tax expense of $0.1 million for the six months ended June 30, 2023 reflects an effective tax rate of 9.9%. The increase in tax benefit during the six months ended June 30, 2024 compared to the corresponding period in 2023 was primarily due to a decrease in income before taxes and an increase in benefits from discrete items.

 

From time to time, in the normal course of business, the Company may be audited by federal, state and foreign tax authorities. At this time, the Company has at least one audit underway. The Company currently cannot assess the impact of the outcome on its financial statements.