Income taxes

9 Months Ended

Sep. 30, 2023

Income taxes [Abstract]

Income taxes

8. Income taxes

We recorded income tax expense in the third quarter of 2023 of $169 thousand at an effective tax rate of 15.7% compared to an income tax benefit in the third quarter of 2022 of $62 thousand at an effective tax rate of (13.3%).  For the nine months ended September 30, 2023, we recorded income tax expense of $1.2 million at an effective tax rate of 19.8%, compared to an income tax benefit for the nine months ended September 30, 2022 of $2.3 million at an effective tax rate of (27.0%).

We are subject to U.S. federal income tax, as well as income tax in certain U.S. state and foreign jurisdictions.  We have substantially concluded all U.S. federal, state and local income tax, and foreign tax regulatory examination matters through 2019.  However, our federal tax returns for the years 2020 through 2022 remain open to examination. Various U.S. state and foreign tax jurisdiction tax years remain open to examination as well, but we believe that any additional assessment would be immaterial to the Condensed Consolidated Financial Statements.  The Company maintains a valuation allowance against certain deferred tax assets where realization is not certain.