Income Taxes

3 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

The Company recorded an income tax benefit of approximately $209,000 for the three months ended December 31, 2021 compared to income tax expense of approximately $1,190,000 for the three months ended December 31, 2020. The Company’s effective tax rate decreased to 22.9% for the three months ended December 31, 2021 from 23.9% for the three months ended December 31, 2020. The Company recorded an income tax expense of approximately $926,000 for the nine months ended December 31, 2021 compared to income tax expense of approximately $1,711,000 for the nine months ended December 31, 2020. The Company’s effective tax rate increased to 26.0% for the nine months ended December 31, 2021 from 20.9% for the nine months ended December 31, 2020. The lower effective tax rate for the three months and higher effective tax rate for the nine months ended December 31, 2021 were attributed to discrete and other non-recurring items.