Quarterly report [Sections 13 or 15(d)]

Income Taxes

v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
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 2021 or state examinations for years before 2020. During the three months ended March 31, 2025 and 2024, the Company did not identify nor reserve for any unrecognized tax benefits.
Our income tax benefit and overall effective tax rates for continuing operations for the periods presented are as follows:
Three Months Ended March 31,
(in thousands) 2025 2024
Income tax benefit $ —  $ (585)
Effective income tax rate 0.04  % 23.4  %

The effective tax rate for continuing operations was 0.04% for the three months ended March 31, 2025. The March 31, 2025 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to the valuation allowance and federal and U.S. state deferred tax assets.
The effective tax rate for continuing operation was 23.4% for the three months ended March 31, 2024. The three months ended March 31, 2024, effective tax rate was higher than the U.S. statutory rate of 21.0% primarily due to the amount of state tax benefit relative to pretax losses.