Note 6 - Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Notes to Financial Statements | |
| Income Tax Disclosure [Text Block] |
Note 6 — Income Taxes
The Company’s income tax expense of $7.7 million for the three months ended September 30, 2026, reflects an effective tax rate of 20.5%. The Company’s income tax expense of $9.8 million for the three months ended September 30, 2025, reflects an effective tax rate of 33.1%. The decrease in tax expense for the three months ended September 30, 2026 compared to the corresponding period in 2025 is primarily attributable to a lower forecast annual effective tax rate, partially offset by higher pretax earnings.
The Company’s income tax expense of $8.6 million for the nine months ended September 30, 2026 reflects an effective tax rate of 21.4%. The Company’s income tax expense of $8.1 million for the nine months ended September 30, 2025 reflects an effective tax rate of 34.7%. The increase in tax expense during the nine months ended September 30, 2026 compared to the corresponding period in 2025 was primarily due to an increase in pre-tax book income.
From time to time, in the normal course of business, the Company may be audited by federal, state and foreign tax authorities. During the third quarter of 2026, the Company concluded an audit with a state taxing authority. The final outcome of the matter following any remaining administrative resolution is not expected to have a material impact on the Company’s condensed consolidated financial statements.
|