INCOME TAXES

9 Months Ended

Sep. 30, 2022

INCOME TAXES [Abstract]

INCOME TAXES

8. INCOME TAXES

The income tax provision for the three months ended September 30, 2022 and 2021 was $1.3 million, or 26.8% of pre-tax income, compared to $1.6 million, or 29.6% of pre-tax income, respectively. The income tax provision for the nine months ended September 30, 2022 and 2021 was approximately $0.8 million, or 15.7% of pre-tax income, and approximately $3.6 million, or 25.0% of pre-tax income, respectively. The decrease in effective tax rate was due to a higher discrete benefit relating to restricted stock vesting.