INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
	(in thousands, except percentages)
Income tax benefit	$	2,337		$	9,092		$	1,954		$	454
Effective tax rate	22.5		%	(1,284.2)		%	9.4		%	(1.6)		%

For the second quarter and first six months of 2022, the effective tax rate varied from the federal statutory rate of 21% primarily due to excess tax expense of $0.4 million and $2.9 million, respectively, resulting from vesting of restricted stock in accordance with ASU 2016-09 and the effect of state taxes. For the second quarter and first six months of 2021, the effective tax rate varied from the federal statutory rate of 21% in part due to a tax benefit of $8.3 million recognized for excess tax benefits resulting from employee exercises of stock options and vesting of restricted stock in accordance with ASU 2016-09 and the effect of state taxes.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(in thousands)
Income tax benefit (expense) - excluding excess tax benefit on stock compensation	$	2,775	$	831	$	4,860	$	(7,839)
Excess tax (expense) benefit on stock compensation	(438)		8,261		(2,906)		8,293
Income tax benefit	$	2,337	$	9,092	$	1,954	$	454