INCOME TAXES

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 8 – INCOME TAXES

The effective tax rates for the three months ended June 30, 2022 and 2021 were 30.3% and 23.3%, respectively. The effective tax rates for the six months ended June 30, 2022 and 2021 were 26.6% and 26.1%, respectively. The difference between the Company’s effective tax rate and the federal statutory rate primarily results from the mix of earnings with state jurisdictions, combined with the impact of nontaxable income, primarily related to the change in fair value of the warrant liability, and nondeductible expenses, primarily related to executive compensation and goodwill impairment. State tax rates vary among states and typically range from 1% to 6%, although some state rates are higher and a small number of states do not impose an income tax. The effective tax rate for the three months ended June 30, 2022 differs from the effective tax rate for the same period in 2021 primarily due to the permanent disallowance of goodwill impairment in the second quarter of 2022. The effective tax rate for the six months ended June 30, 2022 is relatively consistent with the same period in 2021.

There were no changes in uncertain tax positions during the three and six months ended June 30, 2022.