Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

7.INCOME TAXES

The Company’s effective tax rate for the three months ended June 30, 2022 and 2021 was 39.4% and 38.4%, respectively. The effective tax rate for the three months ended June 30, 2022 was higher than the June 30, 2021 effective tax rate primarily due to non-deductible executive compensation.

The Company's effective tax rate for the six months ended June 30, 2022 and 2021 was 25.2% and 35.6%, respectively. The effective tax rate for the six months ended June 30, 2022 was lower than the effective tax rate for the six months June 30, 2021 primarily due to the tax benefit received related to share-based compensation expense as well as the tax benefit associated with the re-measurement of the Company’s deferred tax liability for changes in state tax rates.

The Company made income tax payments of $38.9 million and $6.5 million for the three months ended June 30, 2022 and 2021, respectively. The Company received negligible refunds from the Internal Revenue Service and various states for the three months ended June 30, 2022 and 2021.

The Company made income tax payments of $39.0 million and $10.4 million for the six months ended June 30, 2022 and 2021, respectively. The Company received refunds from various states totaling $50 thousand and $16 thousand for the six months ended June 30, 2022 and 2021, respectively.

As of June 30, 2022, unrecognized tax benefits were materially consistent with the amount at December 31, 2021. We anticipate this amount will decrease from $3.6 million to $3.4 million over the following twelve months, as the increase related to fiscal year 2022 is offset by decreases related to statute expirations.