Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s effective income tax rate differs from the federal corporate tax rate of 21.0%, primarily as a result of state taxes, the effect of research and development tax credits, permanent non-deductible items and the accrual related to the SEC matter.

The Company’s effective tax rate was 26.2% and 24.0% for the three months ended June 30, 2023 and 2022, respectively, and 26.8% and 24.2% for the six months ended June 30, 2023 and 2022, respectively.