Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

Income Taxes
3 Months Ended
Mar. 31, 2023
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 2019 or state examinations for years before 2018. During the three months ended March 31, 2023 and 2022, the Company did not identify nor reserve for any unrecognized tax benefits.
Our income tax provision (benefit) and overall effective tax rates for the periods presented are as follows:
Three Months Ended March 31,
(in thousands) 2023 2022
Income tax provision (benefit) $ (1,407) $ 2,589 
Effective income tax rate 21.3  % 20.2  %

The effective tax rate was 21.3% and 20.2% for the three months ended March 31, 2023 and 2022, respectively. The March 31, 2023, effective tax rate was higher than the U.S. statutory rate of 21.0% primarily due to the effects of discrete tax charges related to stock based compensation and an increase in pre-tax book losses.
The March 31, 2022, effective tax rate was lower than the U.S. statutory tax rate of 21.0% primarily due to a forecasted reduction in the valuation allowance for the period.