Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | (8) Income Taxes
The Company’s effective tax rate was 144% and 8% for the three months ended June 30, 2025 and 2026, respectively, and (31)% and 9% for the six months ended June 30, 2025 and 2026, respectively. These rates differ from the federal statutory rate of 21% due to the effect of state income taxes, certain expenses that are not deductible for tax purposes, the exclusion of cancellation of debt income under section 108 of the internal revenue code, and the valuation allowance.
In the current quarter, the Company recorded an amount of unrecognized tax benefits of $5.1 million in other long-term liabilities related to tax positions taken during the current year, which, if recognized, would not have a material impact on the company’s effective tax rate. The Company has not recorded any interest or penalties related to unrecognized tax benefits. |