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Income Taxes	6 Months Ended
Dec. 31, 2020
Income Taxes
Income Taxes	(11) Income Taxes On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law. Additional COVID-19 legislation was included in the Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020. While the Company continues to analyze the relevant provisions of the CARES Act and subsequent Appropriations Act, it does not expect the provisions of the legislation to have a significant impact on the Company’s income taxes. The Company’s quarterly provision for income taxes is based on the annual effective rate method. The Company’s quarterly provision for income taxes also includes the tax impact of certain unusual or infrequently occurring items, if any, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, and other discrete items in the interim period in which they occur. The Company’s effective tax rate was 14.6% and (61.5)% for the three months ended December 31, 2019 and 2020, respectively. The Company’s effective tax rate for the three months ended December 31, 2019 and December 31, 2020 was lower than the federal statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation, partially offset by an increase to the valuation allowance in the period ended December 31, 2020. The Company’s effective tax rate was (50.5)% and (141.2)% for the six months ended December 31, 2019 and 2020, respectively. The Company’s effective tax rate for the six months ended December 31, 2019 and December 31, 2020 was lower than the federal statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation, partially offset by an increase to the valuation allowance in the period ended December 31, 2020.

Income Taxes

6 Months Ended

Dec. 31, 2020

(11) Income Taxes

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) into law. Additional COVID-19 legislation was included in the Consolidated Appropriations Act, 2021, which was signed into law on December 27, 2020. While the Company continues to analyze the relevant provisions of the CARES Act and subsequent Appropriations Act, it does not expect the provisions of the legislation to have a significant impact on the Company’s income taxes.

The Company’s quarterly provision for income taxes is based on the annual effective rate method. The Company’s quarterly provision for income taxes also includes the tax impact of certain unusual or infrequently occurring items, if any, including changes in judgment about valuation allowances and effects of changes in tax laws or rates, and other discrete items in the interim period in which they occur.

The Company’s effective tax rate was 14.6% and (61.5)% for the three months ended December 31, 2019 and 2020, respectively. The Company’s effective tax rate for the three months ended December 31, 2019 and December 31, 2020 was lower than the federal statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation, partially offset by an increase to the valuation allowance in the period ended December 31, 2020.

The Company’s effective tax rate was (50.5)% and (141.2)% for the six months ended December 31, 2019 and 2020, respectively. The Company’s effective tax rate for the six months ended December 31, 2019 and December 31, 2020 was lower than the federal statutory rate of 21% primarily due to excess tax benefits from employee stock-based compensation, partially offset by an increase to the valuation allowance in the period ended December 31, 2020.

- 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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