INCOME TAXES

3 Months Ended

Mar. 31, 2025

INCOME TAXES [Abstract]

INCOME TAXES

12.

INCOME TAXES

The Company uses the estimated annual effective tax rate approach as prescribed by ASC 740-270, Interim Reporting, to calculate its interim provision for income taxes.

	Three Months Ended March 31,
		2025			2024
	(In thousands, except percentages)
Provision for income taxes	$	6,546		$	595
Effective tax rate		19.6	%		3.2	%

The effective tax rate for the three months ended March 31, 2025 of 19.6%, differed from the federal statutory rate primarily due to the excess tax benefits on stock-based compensation. The effective tax rate for the three months ended March 31, 2024 of 3.2%, differed from the federal statutory tax rate primarily due to the valuation allowance maintained on the Company's federal and state net deferred tax assets until December 31, 2024.