Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s statutory rate to the effective tax rate for the three and six months ended June 30, 2023 and 2022 is as follows:

	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Taxes at statutory rate		21.0	%		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		5.8	%		5.6	%		5.8	%		5.6	%
Executive compensation		1.3	%		1.5	%		1.3	%		1.5	%
Corporate-Owned Life Insurance		(0.2	%)		0.6	%		(0.3	%)		0.9	%
Other permanent differences		0.9	%		0.6	%		0.5	%		0.5	%
Prior year tax adjustments		(3.5	%)		(0.5	%)		(1.8	%)		(0.5	%)
Capital Loss		(21.3	%)		—			(10.6	%)		—
Valuation allowance		1.4	%		1.0	%		1.2	%		1.0	%
Equity-based compensation		—			(0.7	%)		(2.1	%)		(1.4	%)
Tax credits		(1.0	%)		(0.5	%)		(1.0	%)		(0.5	%)
Taxes at effective rate		4.4	%		28.6	%		14.0	%		28.1	%