v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

5. INCOME TAXES

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Income tax expense differed from the amounts computed by applying the U.S. federal tax rate of 21 percent to pretax income as demonstrated in the following table:

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For the Three Months Ended June 30,

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For the Six Months Ended June 30, 2026

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2026

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2025

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2026

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2025

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(in thousands)

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

 

Amount

 

%

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U.S. federal statutory tax rate

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$

44,245

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21.0

% 

$

32,868

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21.0

% 

$

58,386

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21.0

%

$

49,381

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21.0

%

State and local income taxes, net of federal income tax effect

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​

842

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0.4

% 

​

493

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0.3

% 

​

1,380

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0.5

%

​

1,047

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0.4

%

Tax credit

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​

(705)

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(0.3)

% 

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(645)

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(0.4)

% 

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(3,471)

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(1.2)

%

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(1,290)

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(0.6)

%

Nontaxable or Nondeductible Items:

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Excess tax benefit on share-based compensation

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(144)

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(0.1)

% 

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(408)

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(0.3)

% 

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(1,995)

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(0.7)

%

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(3,159)

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(1.4)

%

Other nontaxable or nondeductible items

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(1,578)

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(0.8)

% 

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(129)

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(0.0)

% 

​

816

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0.2

%

​

1,617

​

0.8

%

Total tax expense

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$

42,660

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20.2

% 

$

32,179

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20.6

% 

$

55,116

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19.8

%

$

47,596

​

20.2

%

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The effective tax rate is dependent upon the composition of pretax earnings and the related tax effects. The decrease in the effective tax rate was primarily due to the tax deduction related to the $2.00 special dividend paid to our Employee Stock Ownership Plan during the second quarter, as well as greater utilization of tax credits in the first half of the year. In interim periods, income tax expense is adjusted to reflect the estimated annual effective tax rate, and the resulting adjustments are reflected in other nontaxable or nondeductible items.

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We have recorded our deferred tax assets and liabilities using the statutory federal tax rate of 21 percent. We believe it is more likely than not that all deferred tax assets will be recovered, given the carry back availability as well as the result of future operations, which we believe will generate sufficient taxable income to realize the deferred tax asset.