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Income Tax Expense (Benefit)
 6 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
Income Tax Expense (Benefit) Income Tax Expense (Benefit)
The following table provides information regarding the Company’s income tax expense (benefit) for the three and six months ended June 30, 2023 and 2022 (dollars in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
(unaudited)(unaudited)
Income tax expense (benefit)$(16,296)$3,459 $(24,227)$(7,434)
Effective tax rate95.1 %30.5 %298.7 %(28.5)%
Income tax benefit was $16.3 million and $24.2 million for the three and six months ended June 30, 2023, as compared to $3.5 million expense and $7.4 million benefit for the three and six months ended June 30, 2022. The change was mainly due to an increased pre-tax loss in both periods in 2023. ASC 740, Income Taxes (ASC 740), requires an estimate of the annual effective income tax rate for the full year and apply it to pre-tax income (loss) for each interim period, taking into account year-to-date amounts and projected results for the full year. The effective tax rate decrease was mainly due to lower pre-tax earnings forecasted for 2023. The annual forecasted earnings represent the Company's best estimate as of June 30, 2023 and is subject to changes, which could have a material impact on the effective tax rate in subsequent periods.