INCOME TAXES

9 Months Ended

Dec. 31, 2022

INCOME TAXES [Abstract]

INCOME TAXES

13. INCOME TAXES

Our provision for income tax expense was $13.7 million and $34.1 million for the three and nine months ended December 31, 2022, as compared to $9.5 million and $31.1 million for the same period in the prior year. Our effective tax rate for the three and nine months ended December 31, 2022, was 27.7% and 28.3% respectively, compared with 26.4% and 27.7%, respectively, for the same periods in the prior year. Our effective tax rate for the three and nine months ended December 31, 2022, and December 31, 2021, differed from the US federal statutory rate of 21.0% primarily due to state and local income taxes. Our effective tax rate was higher for the three months ended December 31, 2022, than for the same period in the prior year due to a tax benefit from restricted stock in the prior year. Our effective tax rate was higher for the nine months ended December 31, 2022, than for the same period in the prior year due to foreign currency transaction losses incurred in lower tax jurisdictions.