Basis Of Presentation (Tables)

6 Months Ended

Jun. 30, 2026

Schedule Of Difference Between Actual Income Tax Provision For Continuing Operations And Income Tax Provision Calculated At Statutory U.S. Federal Tax Rate

Our effective income tax rate was 25.9% in the second quarter of 2026 compared to 26.2% during the second quarter of 2025. Excess tax expense/benefit on stock options exercised were immaterial for the quarters ended June 30, 2026 and 2025, respectively.

Our effective tax rate reconciliation is as follows (in thousands):


	Three months ended June 30,
	2026			2025

Income tax provision calculated at the statutory federal rate	$	19,179		$	14,934
State and local income taxes, less federal income tax effect		2,811			2,261
Nondeductible expenses:
Stock compensation tax expense/(benefit)		445			(50)
Other--net		1,191			1,477
Income tax provision	$	23,626		$	18,622
Effective tax rate		25.9	%		26.2	%

Our effective income tax rate was 25.6% in the first six months of 2026 compared to 25.5% during the first six months of 2025. Excess tax expense/benefit on stock options exercised were immaterial for the first six months ended June 30, 2026 and 2025, respectively.

Our effective tax rate reconciliation is as follows (in thousands):


	Six months ended June 30,
	2026			2025

Income tax provision calculated at the statutory federal rate	$	37,835		$	35,026
State and local income taxes, less federal income tax effect		5,529			6,448
Nondeductible expenses:
Stock compensation tax expense/(benefit)		501			(513)
Other--net		2,299			1,578
Income tax provision	$	46,164		$	42,539
Effective tax rate		25.6	%		25.5	%