Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax Disclosure

11. INCOME TAXES

The Company’s income tax expense for the three and six months ended June 30, 2024 was $23.9 million and $48.7 million, respectively, compared to $23.1 million and $42.2 million in the prior year periods. The effective tax rate was 17.2% and 19.1% for the three and six months ended June 30, 2024, respectively, compared to 22.2% and 22.0% in the comparable prior year periods. The change in the effective tax rate for the three and six months ended June 30, 2024 is primarily due to an improved rate benefit in the Energy Efficient Homes Tax credit as compared to pre-tax book income, lower state tax rates, and a discrete tax benefit for equity compensation deductions.