INCOME TAXES

6 Months Ended

Sep. 30, 2024

INCOME TAXES [Abstract]

INCOME TAXES

13. INCOME TAXES

Our provision for income tax expense was $12.0 million and $22.2 million for the three and six months ended September 30, 2024, as compared to $12.3 million and $25.0 million for the same three-and six-month periods in the prior year. Our effective tax rate for the three and six months ended September 30, 2024, was 27.7% and 27.4% respectively, compared with 27.4% and 27.3%, respectively, for the same three- and six-month periods in the prior year. Our effective income tax rate for the three and six months ended September 30, 2024, was higher compared to the same three- and six-month periods in the prior year primarily due to higher state effective tax rates and more non-deductible executive compensation expense in the current period. The effective tax rate for the three and six months ended September 30, 2024, and September 30, 2023, differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes.