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INCOME TAXES | 9 Months Ended
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Sep. 30, 2024
INCOME TAXES |
INCOME TAXES | (12) INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, primarily related to excess tax benefits or expense from the tax impact of restricted stock vestings, true ups related to the filed tax return and changes in the fair value of contingent consideration. For both the three and nine months ended September 30, 2024 discrete items adjusted were $0.2 million were related to the tax impact of restricted stock vestings. For the three and nine months ended September 30, 2023 discrete items adjusted were $1.1 million and ($2.1) million, respectively and were primarily related to changes in fair value of contingent consideration. At September 30, 2024 and 2023, the Company is estimating an annual effective tax rate of approximately 24% and 25%, respectively. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to various factors. The provision for income taxes is recorded at the end of each interim period based on the Company’s best estimate of its effective income tax rate expected to be applicable for the full fiscal year. The Company’s effective income tax rate was 25% and 20% for the nine months ended September 30, 2024 and 2023, respectively. The increase in in the Company’s effective tax rate for the nine months ended September 30, 2024, compared to the same period in 2023, primarily relates to the tax impact of discrete items, in particular, the change in fair value of contingent consideration recorded in the nine months ended September 30, 2023. For the three and nine months ended September 30, 2024, the Company recorded an income tax expense of approximately $0.8 million and $1.2 million, respectively. For the three and nine months ended September 30, 2023, the Company recorded an income tax expense of $1.4 million and $2.1 million, respectively. Taxes of $2.1 million and $3.5 million were paid during the nine months ended September 30, 2024 and 2023, respectively.

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