Income taxes

6 Months Ended

Jun. 30, 2024

Income taxes

Income taxes

8. Income taxes

An income tax expense of $955,000 was recorded for the three months ended June 30, 2024 compared to $1,250,000 for the three months ended June 30, 2023. The effective tax rate was approximately 27.6% for the three months ended June 30, 2024 compared to 27.2% for the three months ended June 30, 2023. An income tax expense of $375,000 was recorded for the six months ended June 30, 2024 compared to $1,600,000 for the six months ended June 30, 2023. The effective tax rate was approximately 28.9% for the six months ended June 30, 2024 compared to 27.3% for the six months ended June 30, 2023. Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period.