Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table provides information regarding the Company’s income tax expense and effective tax rate for the three and nine months ended September 30, 2019 and 2018 (dollar amounts in thousands):

	Three Months ended September 30,						Nine Months ended September 30,
	2019			2018			2019			2018
	(unaudited)						(unaudited)
Income tax expense	$	10,730		$	8,360		$	26,648		$	16,309
Effective tax rate	27.10		%	23.00		%	25.00		%	16.10		%

The increase in income tax expense and the increase in the effective tax rate for the three months ended September 30, 2019, as compared to the same period in the prior year, was primarily attributable to income growth, state income tax rate changes, greater 2018 research and development credit and larger employee stock option tax benefits realized in 2018.

The increase in income tax expense and the increase in the effective tax rate for the nine months ended September 30, 2019, as compared to the same period in the prior year, was primarily attributable to the tax benefits realized in 2018 related to exercise of employee stock options.