INCOME TAXES

6 Months Ended

Jun. 30, 2022

INCOME TAXES

INCOME TAXES

NOTE 8 – INCOME TAXES

During the three months ended June 30, 2022 and 2021 the Company’s effective tax rate was 24.3% and 28.5%, respectively.  During the six months ended June 30, 2022, and 2021 the Company’s effective tax rate was 23.9% and 28.0%, respectively.  The effective rate varied from the statutory federal tax rate primarily due to state income taxes and certain non-deductible expenses.  The fiscal 2022 tax rate was affected by vesting of equity-based compensation at a higher stock price than the price at which it was granted, which resulted in a decrease to tax expense.  Additionally, in fiscal 2022, the Company benefited from The Consolidated Appropriations Act of 2021 that increased the deduction for the cost of food or beverage provided by a restaurant to be 100% deductible in 2021 and 2022.  The three and six month periods ended June 30, 2021, however, did not benefit from The Consolidated Appropriations Act of 2021 because the legislation was not passed until December 2021.