Quarterly report pursuant to Section 13 or 15(d)

Note 16 - Income Taxes

v3.22.2.2
Note 16 - Income Taxes
9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

16.

Income Taxes

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The Company’s effective tax rate was 17.9% and 14.6% for the three months ended September 30, 2022 and 2021, respectively. The Company’s effective tax rate was 21.1% and 8.2% for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rate for the three and nine months ended September 30, 2022 was higher than the prior year periods due to a discrete tax benefit of $774 and $3,513 in the three and nine months ended September 30, 2021, respectively, related to favorable income tax audit results in states in which the Company files. The effective tax rate for the three and nine months ended September 30, 2022 was impacted by a discrete tax benefit of $916 related to state income rate changes. 

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Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.  The largest item affecting deferred taxes is the difference between book and tax amortization of goodwill and other intangibles amortization.

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