Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

(9)Income Taxes

Our effective tax rate for the three months ended June 30, 2022 and 2021 was 22.3% and 22.0%, respectively. Our effective tax rates for the three months ended June 30, 2022 and 2021 differ from our statutory rate due to the effect of research and experimentation tax credits. Our effective tax rate for the three months ended June 30, 2021 also includes the effect of tax benefits relating to the vesting of restricted shares of common stock.

Our effective tax rate for the six months ended June 30, 2022 and 2021 was 9.6% and 17.1%, respectively. Our effective tax rate for the six months ended June 30, 2022 includes the effect of a $14.1 million discrete income tax benefit related to the establishment of a deferred tax asset as a result of our reorganization of certain wholly-owned subsidiaries within the Optimal Blue partnership investment structure. Our effective tax rate for the six months ended June 30, 2021 differs from our statutory rate primarily due to the effect of excess tax benefits relating to the vesting of restricted shares of our common stock and research and experimentation tax credits.