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Income Taxes

9 Months Ended

Sep. 30, 2020

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 nine month periods ended September 30, 2020 and 2019, the Company’s approximate effective tax rates were as follows:


	2020	2019
Three months ended September 30,	24.1%	24.2%
Nine months ended September 30,	24.1%	23.7%

In the nine months ended September 30, 2020, the Company recognized approximately $1.4 million of excess tax benefits related to stock compensation for employees and $1.7 million for other discrete tax items. For the nine months ended September 30, 2019, the Company recognized a tax benefit of approximately $0.9 million of excess tax benefits related to stock compensation.

As of September 30, 2020, the earliest year remaining open for federal examination is 2017 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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