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Income Taxes

3 Months Ended

Mar. 31, 2021

9. Income Taxes

The Company’s provision for income taxes and effective tax rates for the three months ended March 31, 2021 and 2020 are presented in the following table:


	Three Months Ended March 31,
	2021			2020

	(Dollars in thousands)
Earnings before provision for income taxes	$	1,896		$	1,846
Income tax provision	$	571		$	684
Effective tax rate		30.1	%		37.1	%

The Company’s first quarter 2021 and 2020 effective tax rates were negatively impacted because it did not record income tax benefits on foreign subsidiary losses in both periods.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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