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Note 8 - Income Tax Provision
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

8)

INCOME TAX PROVISION

 

The following table summarizes the income tax provision.  

 

  

Three Months Ended September 30,

  

Nine Months Ended September 30,

 
  

2025

  

2024

  

2025

  

2024

 

Income tax (benefit) provision

 $(27) $(3) $14  $635 

Effective tax rate

  0.3%  0.3%  (0.0)%  4.8%

 

The Company’s income tax (benefit) provision for the three and nine months ended September 30, 2025, is comprised of a decrease in its net deferred tax liability plus immaterial state taxes and miscellaneous items. The benefit for the three months ended September 30, 2024 consists of immaterial state taxes and miscellaneous items. The provision for the nine months ended September 30, 2024 includes immaterial state taxes and, primarily, the initial establishment of the net deferred tax liability reflecting the Company’s determination that its future reversing net deferred tax liabilities would not support full realization of its existing deferred tax assets.

 

The Budget Reconciliation Act of 2025 includes a broad range of U.S. income tax provisions. However, based upon the current expectations of how relevant provisions will be applied, it had an immaterial impact on the Company's income tax (benefit) provision for the three and nine months ended September 30, 2025. The Company continues to evaluate the income tax effects but does not currently expect a material effect to its consolidated financial statements.