Income taxes

9 Months Ended

Sep. 30, 2024

Income taxes

Income taxes

8. Income taxes

An income tax expense of $590,000 was recorded for the three months ended September 30, 2024 compared to $1,110,000 for the three months ended September 30, 2023. The effective tax rate was approximately 31.8% for the three months ended September 30, 2024 compared to 28.9% for the three months ended September 30, 2023. An income tax expense of $965,000 was recorded for the nine months ended September 30, 2024 compared to $2,710,000 for the nine months ended September 30, 2023. The effective tax rate was approximately 30.6% for the nine months ended September 30, 2024 compared to 27.9% for the nine months ended September 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.