Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company’s tax provision for interim periods is determined using an estimate of its annual effective rate, adjusted for discrete items in each period, if any. In the three months ended June 30, 2026, income tax expense was $2.4 million on pre-tax income from continuing operations of $14.7 million, representing an effective income tax rate of 16%. In the three months ended June 30, 2025, income tax expense was $1.8 million on pre-tax income of $10.9 million, representing an effective income tax rate of 17%. The rates for the three months ended June 30, 2026 and 2025 are lower than the statutory rate due primarily to increased federal research and development tax credit benefit. In the six months ended June 30, 2026, income tax expense was $4.0 million on pre-tax income from continuing operations of $24.2 million, representing an effective income tax rate of 17%. In the six months ended June 30, 2025, income tax expense was $3.7 million on pre-tax income of $20.6 million, representing an effective income tax rate of 18%. The rates for the six months ended June 30, 2026 and 2025 are lower than the statutory rates due primarily to federal research and development tax credit benefit.
|