INCOME TAXES

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023, the Company’s effective tax rate was 74.9% and 43.3%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to limitations on the deductibility of officer compensation and state taxes.

For the three months ended June 30, 2024 and 2023, the Company recorded income tax expense of $3.3 million and $3.5 million, respectively.

For the six months ended June 30, 2024 and 2023, the Company’s effective tax rate was 66.9% and 47.9%, respectively. The Company’s effective tax rate differed from the U.S. statutory tax rate primarily due to limitations on the deductibility of officer compensation and state taxes.

For the six months ended June 30, 2024 and 2023, the Company recorded income tax expense of $5.1 million and $6.0 million, respectively.