Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

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 months ended March 31, 2024 and 2023 is as follows:

	Three Months Ended March 31,
	2024			2023
Statutory tax rate		21.0	%		21.0	%
State taxes, net of federal benefit		6.0	%		5.8	%
Executive compensation		1.7	%		1.2	%
Corporate-owned life insurance		(0.2	%)		(0.2	%)
Other permanent differences		0.4	%		(0.1	%)
Uncertain tax position		2.5	%		—
Valuation allowance		1.1	%		1.1	%
Equity-based compensation		(5.4	%)		(4.3	%)
Tax credits		(6.7	%)		(1.0	%)
Effective tax rate		20.4	%		23.5	%

The uncertain tax position and tax credits recognized during the three months ended March 31, 2024 are both primarily related to the Research & Experimentation (R&E) credits.