Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company’s tax provisions for the three months ended September 30, 2024 and 2023 were income tax expense of $11.1

million, which equates to an effective tax rate of 19.4%, and $7.3 million, which equates to an effective tax rate of 15.8%,

respectively. The Company’s tax provisions for the nine months ended September 30, 2024 and 2023 were income tax

expense of $37.0 million, which equates to an effective tax rate of 18.9%, and $24.6 million, which equates to an effective

tax rate of 17.2%, respectively.

The Company follows the provisions of ASC 740, Income Taxes, regarding uncertain tax positions. At September 30, 2024

and December 31, 2023, the Company had a liability for uncertain tax positions of $12.1 million. The Company believes that

it is reasonably possible that the reserve for uncertain tax positions will change in the coming 12 months as a result of being

within the applicable statute of limitations with respect to uncertain tax positions.

As of September 30, 2024, the Company had no ongoing or pending federal examinations for prior years. The Company has

outstanding federal income tax refund claims for the 2016 and 2018 tax years. Since the total amount of refund claims is

equal to $10.0 million, which was classified within other current assets on the Company’s unaudited condensed consolidated

balance sheet at September 30, 2024, the refund claims are subject to ongoing Joint Committee on Taxation reviews. The

Company’s tax years from 2021 through 2023 remain open to examination by federal and state taxing authorities.