INCOME TAXES

9 Months Ended

Sep. 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 September 30, 2024 and 2023, the Company’s effective tax rate was 70.2% and 48.1%, 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 September 30, 2024 and 2023, the Company recorded an income tax benefit of $4.0 million and income tax expense of $5.7 million, respectively.

For the nine months ended September 30, 2024 and 2023, the Company’s effective tax rate was 57.4% and 48.0%, 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 nine months ended September 30, 2024 and 2023, the Company recorded income tax expense of $1.1 million and $11.7 million, respectively.