Income Taxes |
9 Months Ended |
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Sep. 30, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes |
Income Taxes During both the three months ended September 30, 2024 and 2023, the Company recorded a provision for income taxes totaling $1.0 million and $0.4 million on pre-tax income of $2.8 million and $1.1 million, respectively, representing effective tax rates of 35.1% and 38.5%, respectively. During both the nine months ended September 30, 2024 and 2023, the Company recorded a provision for income taxes totaling $1.4 million and $0.3 million on pre-tax income $2.8 million and $1.1 million, respectively, representing effective tax rates of 49.5% and 28.8%, respectively. The effective tax rates differed from the U.S. statutory rate mainly due to the effects of local, state and foreign jurisdiction income taxes, limitations on the deductions of certain expenses including meals and entertainment expense and management compensation and differences between expense recognized for book purposes versus tax purposes associated with equity compensation expense. The impact of permanent differences weighs heavier on the effective tax rate when pre-tax earnings are close to break even.
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- References No definition available.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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