Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 10—Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual pre-tax income, permanent tax differences and statutory tax rates. The effective tax rate for the six months ended June 30, 2026 and 2025 was 25.0% and 23.7%, respectively. The Company recorded a discrete income tax benefit of $822,000 and $1.5 million related to the exercise of stock options and vesting of restricted shares for the six months ended June 30, 2026 and 2025, respectively. During the second quarter 2024, Illinois House Bill 4951 was enacted, which amends numerous Illinois tax law provisions, including a temporary limitation on Net Loss Deduction ("NLD") usage. For tax years 2024, 2025, and 2026, C Corporations are limited to applying a maximum of $500,000 of NLD to taxable income. During the second quarter of 2026, Illinois enacted IL Senate Bill 3019, which amends the IL Finance Authority Act, including an extension of the temporary limitation on NLD usage at various percentages in tax years 2027 through 2031. Although the Company expects the NLD limit to be applicable, the Company anticipates full utilization of the NLD prior to statute expiration. |