Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2022 | |
| Income Tax Disclosure [Abstract] | |
| Income Tax Disclosure [Text Block] | The Inflation Reduction Act (IRA) was enacted on August 16, 2022 to address the high cost of prescription drugs, healthcare availability, climate change and inflation. The IRA extended the energy efficient homes credit through 2032 and, as a result, the Company recognized an $8.4 million year-to-date tax benefit during the third quarter of 2022. During the three months ended September 30, 2022 and 2021, the Company recorded a tax provision of $35.0 million and $25.2 million, respectively, which reflects income tax expense related to income before income taxes for the periods. The effective tax rate for the three months ended September 30, 2022 and 2021 was 21.0% and 21.7%, respectively. The decrease in the effective rate from the three months ended September 30, 2021 was primarily attributable to a $3.7 million increase in tax benefits from energy efficient home credits for 2022. During the nine months ended September 30, 2022 and 2021, the Company recorded a tax provision of $110.8 million and $84.3 million, respectively. The effective tax rate for the nine months ended September 30, 2022 and 2021 was 23.5% and 22.9%, respectively. The increase in the effective rate from the nine months ended September 30, 2021 was primarily attributable to a $2.2 million decrease in tax benefit from equity compensation taken during the first nine months of 2022 compared to the same period in 2021.
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