v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s statutory rate to the effective tax rate (the “ETR”) for the three and six months ended June 30, 2025 and 2024 is as follows:

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Statutory tax rate

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

State taxes, net of federal benefit

 

6.1

%

 

 

6.0

%

 

 

6.1

%

 

 

6.0

%

IRC 987 regulations

 

 

 

 

 

 

 

(7.4

%)

 

 

 

Equity-based compensation

 

(0.3

%)

 

 

 

 

 

0.6

%

 

 

(2.4

%)

Uncertain tax position

 

3.2

%

 

 

2.3

%

 

 

3.2

%

 

 

2.3

%

Tax credits

 

(11.3

%)

 

 

(6.6

%)

 

 

(11.3

%)

 

 

(6.6

%)

Other

 

2.3

%

 

 

3.6

%

 

 

3.5

%

 

 

3.1

%

 Effective tax rate

 

21.0

%

 

 

26.3

%

 

 

15.7

%

 

 

23.4

%