Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The effective tax rate for operations was 26.3% and 24.3% for the three and six months ended June 30, 2024, and 28.4% and 23.3% for the three and six months ended June 30, 2023, respectively. The effective tax rates differed from the statutory federal rate of 21% primarily due to state income taxes and nondeductible executive compensation.

The change in effective tax rate during the three and six months ended June 30, 2024, as compared to 2023, is primarily attributable to the impact of quarterly discrete tax items relative to income before taxes for the respective period, including the excess tax benefit from share-based compensation.