XML 29 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Income Taxes
 6 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes

11.

Income Taxes

The Company’s effective tax rate (ETR) from continuing operations was 24.9% and 25.3% for the three months and six months ended March 31, 2021, respectively and 40.9% and 27.6% for the three months and six months ended March 31,2020, respectively. The Company's ETR during the three months and six months ended March 31, 2021 was different from the prior year tax rates as a result of vesting of stock compensation where the tax deduction state taxes differed from the book expense, changes in the valuation allowance against state net operating losses, and changes in state statutory rates.

The Company's ETR during the six months ended March 31, 2020 was different than the statutory rate of 21% as a result of the vesting and exercise of stock compensation, state taxes, and changes in valuation allowance against state net operating losses, as well as differences between the book and tax deductions associated with meals, entertainment, employer provided parking, and compensation of officers.

As of September 30, 2020, the Company had aggregate federal and state net operating loss carryovers of approximately $512.4 million and $223.9 million, respectively, which expire in fiscal years 2027-2038 and 2021-2040, respectively.  Approximately $0.7 million of state net operating loss carryforwards are expected to expire in the current fiscal year.