Income Taxes

3 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 6. Income Taxes

The Company recorded an income tax expense of approximately $599,000 for the three months ended June 30, 2021 compared to income tax expense of approximately $429,000 for the three months ended June 30, 2020. The Company’s effective tax rate increased to 25.7% for the three months ended June 30, 2021 from 23.1% for the three months ended June 30, 2020. The changes in the effective tax rate were attributed to discrete items, primarily related to expiration of stock options.