INCOME TAXES

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

	Three Months Ended March 31,
	2023			2022
	(in thousands, except percentages)
Income tax expense	$	(395)		$	(382)
Effective tax rate	2.9		%	(3.7)		%

For the first quarter of 2023, the effective tax rate varied from the federal statutory rate of 21% primarily due to the change in the valuation allowance, net of the current period change in tax effected net indefinite-lived intangibles. For the first quarter of 2022, the effective tax rate varied from the federal statutory rate of 21% primarily due to excess tax expense of $2.5 million, resulting from vesting of restricted stock in accordance with ASU 2016-09 and the effect of state taxes.

	Three Months Ended March 31,
	2023		2022
	(in thousands)
Income tax benefit - excluding excess tax expense on stock compensation	$	(395)	$	2,086
Excess tax expense on stock compensation	—		(2,468)
Income tax expense	$	(395)	$	(382)