​

​

Three months ended March 31,

​

  ​ ​ ​

2026

  ​ ​ ​

2025

​

​

(in thousands, except percentages)

Income (loss) before income taxes

​

$

(1,483)

​

$

14,984

​

Income tax expense (benefit)

$

(1,159)

$

3,037

​

Effective tax rate

​

78.15%

​

20.27%

​