Income Taxes

3 Months Ended

Mar. 31, 2025

Income Taxes

Income Taxes

(11) Income Taxes

The Company’s effective tax rate for the three months ended March 31, 2025 was 16.7%. The Company’s effective tax rate for the three months ended March 31, 2025 varied from the federal statutory rate of 21.0% primarily due to a discrete tax benefit from additional tax deductions generated from employee equity awards that vested during the three months ended March 31, 2025, offset by the provision for state income taxes and the impact of non-deductible expenses.

The Company’s effective tax rate for the three months ended March 31, 2024 was 24.8%. The Company’s effective tax rate for the three months ended March 31, 2024 varied from the federal statutory rate of 21.0% primarily due to the provision for state income taxes and the impact of non-deductible expenses.