Income Taxes

6 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective tax rate is calculated as the amount of income tax expense (benefit) divided by income before income tax expense (benefit). For the three and six month periods ended June 30, 2020 and 2019, the Company’s approximate effective tax rates were as follows:

	2020	2019
Three months ended June 30,	24.3%	24.5%
Six months ended June 30,	24.1%	22.8%

In the six months ended June 30, 2020, the Company recognized approximately $0.6 million of excess tax benefits related to stock compensation for employees and $1.8 million for other discrete tax items. For the six months ended June 30, 2019, the Company recognized a tax benefit of approximately $0.9 million of excess tax benefits related to stock compensation.

As of June 30, 2020, the earliest year remaining open for federal examination is 2016 and for certain states it ranges from 2014 to 2018.  Although the Company believes that recorded liabilities for uncertain tax positions are adequate, additional gains or losses could occur in future periods from resolution of outstanding unsettled matters.