v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes:
The following table summarizes the Company's effective tax rate for the periods indicated:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Profit (Loss) before income taxes$38,733 $20,350 $94,378 $40,994 
Provision (Benefit) for income taxes12,745 522 29,789 522 
Effective tax rate32.9 %2.6 %31.6 %1.3 %
The effective income tax rates for the three and six months ended June 30, 2026 were 32.9% and 31.6% compared to 2.6% and 1.3% for the three and six months ended June 30, 2025. The tax expense for the current period reflects estimated federal and state income taxes. In contrast ,$0.5 million of income tax expense was recorded for the three and six months ended June 30, 2025, as the Company maintained a full valuation allowance against its deferred tax assets during that period.
The effective tax differed from the U.S. Federal statutory rate of 21% principally due to the expected state tax profile for the period and certain discrete items.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. During the three months ended June 30, 2026, management re-evaluated the realizability of its deferred tax assets and concluded that no release on the valuation allowance is needed.