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INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
 Three Months Ended
March 31,
 20262025
(in thousands, except percentages)
Income tax (expense) benefit$(5,651)$2,430 
Effective tax rate24.7 %16.4 %
For the first quarter of 2026, the effective tax rate varied from the federal statutory rate of 21% primarily due to the effect of state income taxes. For the first quarter of 2025, 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.
Certain out-of-the-money stock options may expire unexercised, and as a result the Company could be required to reverse the related deferred tax asset for share-based compensation, which would increase income tax expense and the effective tax rate in a future period in 2026.