Note 12 - Income Taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
The Company’s provision for income taxes consists of federal and state taxes, as applicable, in amounts necessary to align the Company’s year-to-date tax provision with the effective rate that it expects to achieve for the full year. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary.
For the three months ended June 30, 2026 and 2025, we recorded pre-tax income of $14.9 million and $47.3 million, respectively, and a corresponding income tax provision of $2.4 million and $11.8 million, respectively.
For the six months ended June 30, 2026 and 2025, we recorded pre-tax income of $10.8 million and $46.7 million, respectively, and a corresponding income tax provision of $1.8 million and $11.6 million, respectively.
The effective tax rate for the three months ended June 30, 2026 was 16.1% compared to 24.9% for the three months ended June 30, 2025. The effective tax rate for the three months ended June 30, 2026 differed from the U.S. statutory rate of 21% primarily as a result of currently forecasted losses for the full year, state taxes and various non-deductible expenses, including executive compensation under Internal Revenue Code Section 162(m). With respect to currently forecasted losses for the full year, such forecast is based on orders received to date and is subject to update upon the receipt of new procurement orders.
The effective tax rate for the six months ended June 30, 2026 was 16.6% compared to 24.9% for the six months ended June 30, 2025. The effective tax rate for the six months ended June 30, 2026 differed from the U.S. statutory rate of primarily as a result of currently forecasted losses for the full year, state taxes and various non-deductible expenses, including executive compensation under Internal Revenue Code Section 162(m). With respect to currently forecasted losses for the full year, such forecast is based on orders received to date and is subject to update upon the receipt of new procurement orders.
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