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Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 7 — Income Taxes

 

The Company’s income tax expense of $15.4 million for the three months ended September 30, 2024, reflects an effective tax rate of 22.8%. The Company’s income tax expense of $12.4 million for the three months ended September 30, 2023, reflects an effective tax rate of 20.5%. The increase in tax expense during the three months ended September 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 expense of $11.0 million for the nine months ended September 30, 2024 reflects an effective tax rate of 20.2%. The Company’s income tax expense of $12.5 million for the nine months ended September 30, 2023 reflects an effective tax rate of 20.3%. The decrease in tax expense during the nine months ended September 30, 2024 compared to the corresponding period in 2023 was primarily due to a larger discrete benefit from vesting of restricted shares.

 

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.