Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.22.1
Income Taxes
 3 Months Ended
Mar. 31, 2022
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 2018 or state examinations for years before 2017. During the three months ended March 31, 2022 and 2021, the Company did not identify nor reserve for any unrecognized tax benefits.

Our income tax provision and overall effective tax rates for the periods presented are as follows:
Three Months Ended March 31,
(in thousands) 2022 2021
Income tax provision $ 2,589  $ 241 
Effective income tax rate 20.2  % 18.1  %

The effective tax rate was 20.2% and 18.1% for the three months ended March 31, 2022 and 2021, respectively. The March 31, 2022 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to a forecasted reduction in the valuation allowance in the current year. The March 31, 2021 effective tax rate was also lower than the statutory rate of 21.0% primarily due to a reduction in the valuation allowance in the period.