Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following table presents components of income tax expense for the three months ended March 31, 2022 and 2021:

	Three months ended March 31,
(in thousands, except percentages)	2022		2021
Income tax based on income from continuing operations (1)	$	10,942	$	11,332
Income tax before discrete items	10,942		11,332
Discrete tax expense:
Exercise of U.S. stock options	(9)		(142)
Impact of amended tax returns	(81)		(645)
Adjustments of prior year estimated taxes	104		(751)
Changes in uncertain tax positions	6		278
Other	36		(32)
Total income tax expense	$	10,998	$	10,040
(1) Calculated at estimated tax rates of 28.0% and 30.1%, respectively

Income tax expense for the quarter was computed in accordance with ASC 740-270, Income Taxes – Interim Reporting. Under this method, loss jurisdictions, which cannot recognize a tax benefit with regard to their generated losses, are excluded from the annual effective tax rate (AETR) calculation and their taxes will be recorded discretely in each quarter.

In the first quarter of 2021, the Company recorded a net tax benefit of $1.4 million related to the impact of U.S. amended tax returns and a U.S. adjustment of prior year estimated taxes. Additionally, the Company recorded an expense of $0.3 million related to the establishment of a foreign uncertain tax position.