Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The tax provision for interim periods is determined using an estimate of the Company’s annual effective tax rate, adjusted for discrete items arising during interim periods.

For the three months ended June 30, 2022 and 2021, the Company’s effective tax rate was 49.0% and (26.3)%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to state taxes and officer excess compensation limitations.

For the three months ended June 30, 2022 and 2021, the Company recorded income tax expense of $4.7 million and $8.5 million, respectively.

For the six months ended June 30, 2022 and 2021, the Company’s effective tax rate was 40.9% and (81.1)%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to state taxes and officer excess compensation limitations.

For the six months ended June 30, 2022 and 2021, the Company recorded income tax expense of $9.5 million and $13.0 million, respectively.