Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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 continuing operations for the periods presented are as follows:
Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2023 2022 2023 2022
Income tax provision (benefit) $ (897) $ 699  $ (1,385) $ 3,197 
Effective income tax rate 19.8  % 6.4  % 19.6  % 13.5  %

The effective tax rate for continuing operations was 19.8% and 19.6% for the three and six months ended June 30, 2023. The June 30, 2023 effective tax rate was lower than the U.S. statutory rate of 21.0% primarily due to discrete tax charges related to stock based compensation.
The effective tax rate was 6.4% and 13.5% for the three and six months ended June 30, 2022. The June 30, 2022 effective tax rate was lower than the U.S. statutory tax rate of 21.0% primarily due to the year-to-date release of federal valuation allowances.