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Income Taxes | 9 Months Ended
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Sep. 30, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal examinations for years before 2020 or state examinations for years before 2019. During the three and nine months ended September 30, 2024 and 2023, the Company did not identify nor reserve for any unrecognized tax benefits. Our income tax expense (benefit) and overall effective tax rates for continuing operations for the periods presented are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Income tax benefit | $ | 7,479 |  |  | $ | (1,380) |  |  | $ | 6,270 |  |  | $ | (4,680) |
Effective income tax rate | 1,612.2 | % |  | 8.6 | % |  | 124.4 | % |  | 15.0 | %
The effective tax rate for continuing operations was 1,612.2% and 124.4% for the three and nine months ended September 30, 2024. The three and nine months ended September 30, 2024 effective tax rate was higher than the U.S. statutory rate of 21.0% primarily due to discrete tax charges associated with the recording of a valuation allowance on cumulative U.S. federal and state deferred tax assets. During the period, the Company determined it was more likely than not that the existing cumulative deferred tax assets would be unrealizable and recorded a discrete tax charge of $6.2 million. The effective tax rate for continuing operation was 8.6% and 15.0% for the three and nine months ended September 30, 2023. The three and nine months ended September 30, 2023 effective tax rate was lower than the U.S. statutory rate 21.0% primarily due to the effects of permanent goodwill impairment reducing the tax benefit in the period.

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