Note 4 - Income Taxes

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

(4) INCOME TAXES

The effective tax rate for the three-month periods ended June 30, 2022 and 2021 was 24.8%. The effective tax rate for the six-month period ended June 30, 2022 increased to 25.1% compared to 22.7% for the same period in 2021 mainly due to decreased tax benefits from the exercise and vesting of share-based compensation awards of $455,000 in the six-month period ended June 30, 2022. In addition, we have higher state income taxes due to filing in more states. 

In March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the coronavirus outbreak which, among other things, contains numerous income tax provisions. As a result of the CARES Act, we had deferred $1.3 million of employer social security tax payments in 2020. In accordance with the CARES Act, we paid half of this liability in December 2021 and we expect to pay the remaining $656,000 in December 2022. We have had no other impacts to our consolidated financial statements or related disclosures from the CARES Act.