Income Taxes	3 Months Ended
Mar. 31, 2020
Income Taxes
Income Taxes	Note 13—Income Taxes The Company’s effective income tax rates were 26.2% and 23.5% for the quarters ended March 31, 2020 and 2019, respectively. The increase in effective tax rate in the quarter ended March 31, 2020 compared to the same period in 2019 was due to reduced impact of the permanent and favorable tax adjustment for equity compensation in the quarter ended March 31, 2020 compared to the same period in 2019. The equity compensation deduction for tax purposes was lower by $0.4 million while the pretax income increased by $354.4 million, thereby reducing the effect of the tax adjustment on the effective tax rate. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), passed in March, 2020, introduced a number of tax law changes which are generally taxpayer favorable. Based on a preliminary analysis, the Company does not anticipate the recording of any material permanent differences resulting from the CARES Act.

Income Taxes

3 Months Ended

Mar. 31, 2020

Note 13—Income Taxes

The Company’s effective income tax rates were 26.2% and 23.5% for the quarters ended March 31, 2020 and 2019, respectively. The increase in effective tax rate in the quarter ended March 31, 2020 compared to the same period in 2019 was due to reduced impact of the permanent and favorable tax adjustment for equity compensation in the quarter ended March 31, 2020 compared to the same period in 2019. The equity compensation deduction for tax purposes was lower by $0.4 million while the pretax income increased by $354.4 million, thereby reducing the effect of the tax adjustment on the effective tax rate.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), passed in March, 2020, introduced a number of tax law changes which are generally taxpayer favorable. Based on a preliminary analysis, the Company does not anticipate the recording of any material permanent differences resulting from the CARES Act.