Income Tax Expense

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Tax Expense

Income Tax ExpenseThe following table provides information regarding the Company’s income tax expense for the three and six months ended June 30, 2021 and 2020 (dollars in thousands):

	Three Months ended June 30,						Six Months ended June 30,
	2021			2020			2021			2020
	(unaudited)						(unaudited)
Income tax expense	$	7,509		$	12,543		$	12,744		$	20,059
Effective tax rate	24.1		%	26.6		%	30.2		%	26.3		%

Income tax expense for the three and six months ended June 30, 2021, as compared to the same periods in the prior year, decreased primarily due to lower income before taxes in 2021. The effective income tax rate decreased for the three months ended June 30, 2021, as compared to the same period in the prior year, primarily due to a non-taxable contingent consideration gain recognized in the second quarter of 2021. The effective income tax rate increased for the six months ended June 30, 2021, as compared to the same period in the prior year, mainly due to changes in the effective state tax rates as a result of the transfer of workforce between legal entities in the first quarter of 2021.