v3.25.2
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The provision for income taxes consists of the following:
 Three Months EndedSix Months Ended
 June 30,
2025
June 30,
2024
June 30,
2025
June 30,
2024
 (in thousands)
Current$12,417 $13,998 $9,632 $22,530 
Deferred(8,399)781 (2,423)41 
     Income tax provision$4,018 $14,779 $7,209 $22,571 
Schedule of Effective Income Tax Rate Reconciliation
The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows:
 Three Months EndedSix Months Ended
 June 30,
2025
June 30,
2024
June 30,
2025
June 30,
2024
Federal statutory rate21.0 %21.0 %21.0 %21.0 %
State income taxes, net of Federal benefit4.8 4.8 5.0 5.0 
Excess tax benefits related to share-based compensation (Note 14)
(9.5)(3.4)(17.3)(5.8)
Return to provision2.2 — 0.8 (0.1)
Non-deductible executive compensation3.9 1.5 5.9 1.3 
Research and development credits(4.0)(1.2)(3.0)(1.2)
Other2.2 (0.6)1.5 (0.4)
     Effective tax rate20.6 %22.1 %13.9 %19.8 %