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Note 12 - Income Tax
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

12.

Income Tax

 

Income tax expense (benefit) was $0.2 million and $(0.3) million for the three months ended September 30, 2021 and 2020, respectively, and was less than $(0.1) million and $0.5 million for the nine months ended September 30, 2021 and 2020. The effective tax rates for the three months ended September 30, 2021 and 2020, were 477.8% and 22.4%, respectively. The effective tax rates for the nine months ended September 30, 2021 and 2020, were 1.7% and (6.7)%, respectively.

 

The difference between the Company’s effective tax rates in 2021 and 2020 compared to the U.S. statutory tax rate of 21% is primarily due to changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets. The Company currently has valuation allowances against substantially all of its net operating loss carryforwards and tax credit carryforwards.