Income Taxes

6 Months Ended

Jun. 30, 2024

Income Taxes

Income Taxes

Note 15. Income Taxes

The Company’s current income tax benefit (expense) was ($0.6) million and ($2.0) million for the three and six months ended June 30, 2024, respectively. The Company’s current income tax benefit (expense) was $6.9 million and ($5.7) million for the three and six months ended June 30, 2023, respectively.

The Company’s deferred income tax benefit (expense) was ($2.1) million and $2.6 million for the three and six months ended June 30, 2024, respectively. The Company’s deferred income tax benefit (expense) was less than ($0.1) million and $259.4 million for the three and six months ended June 30, 2023, respectively.

The effective tax rates for the three and six months ended June 30, 2024 were 27.4% and 21.3%, respectively. The effective tax rates for the three and six months ended June 30, 2023 were (226.0%) and (233.2%), respectively. The item that had the most significant impact on the difference between the statutory U.S. federal income tax rate of 21% and the effective tax rate for the three months ended June 30, 2024 was higher income earned in the current quarter. The item that had the most significant impact on the difference between the statutory U.S. federal income tax rate of 21% and the effective tax rate for the three and six months ended June 30, 2023, was the release of the valuation allowance.