Income Taxes (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023 is as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Statutory tax rate		21.0	%		21.0	%		21.0	%		21.0	%
State taxes, net of federal benefit		6.0	%		5.8	%		6.0	%		5.8	%
Executive compensation		1.7	%		1.3	%		1.7	%		1.3	%
Corporate-owned life insurance		(0.3	%)		(0.2	%)		(0.3	%)		(0.3	%)
Other permanent differences		0.6	%		0.9	%		0.4	%		0.5	%
Prior year tax adjustments		0.6	%		(3.5	%)		0.3	%		(1.8	%)
Capital loss		—			(21.3	%)		—			(10.6	%)
Valuation allowance		1.0	%		1.4	%		1.0	%		1.2	%
Equity-based compensation		—			—			(2.4	%)		(2.1	%)
Uncertain tax position		2.3	%		—			2.3	%		—
Tax credits		(6.6	%)		(1.0	%)		(6.6	%)		(1.0	%)
Effective tax rate		26.3	%		4.4	%		23.4	%		14.0	%

The uncertain tax position and tax credits recognized during the three and six months ended June 30, 2024 are both primarily related to the Research & Experimentation (“R&E”) credits.