Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The effective tax rate for operations was 7.0% for the three months ended March 31, 2025, and 21.9% for the three months ended March 31, 2024, respectively. The effective tax rates differed from the statutory federal rate of 21% primarily due to state tax benefits and excess tax benefits from share-based compensation.

The change in effective tax rate during the three months ended March 31, 2025, as compared to 2024, is primarily attributable to the quarterly discrete tax items relative to income before taxes for the respective period, including the excess tax benefit from share-based compensation and state tax benefits.