Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The following is a summary of Income before income taxes, Provision for income taxes, and effective tax rate for the periods presented:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
Income before income taxes	$	58,874		$	69,585		$	228,779		$	169,353
Provision for income taxes	$	16,522		$	16,514		$	44,099		$	22,107
Effective tax rate	28.1		%	23.7		%	19.3		%	13.1		%

For the three months ended September 30, 2024, the effective tax rate was higher compared to the same period in the prior year primarily due to the impact of the decrease in discrete tax benefits recognized in the current year period. For the three months ended September 30, 2024, the Company recorded discrete tax expenses of $2,887. For the three months ended September 30, 2023, the Company recorded discrete tax benefits of $4,428 primarily associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.

For the nine months ended September 30, 2024, the effective tax rate was higher compared to the same period in the prior year primarily due to the impact of the decrease in discrete tax benefits recognized in the current year period. For the nine months ended September 30, 2024 and 2023, the Company recorded discrete tax benefits of $17,794 and $31,895, respectively, primarily associated with windfall tax benefits from stock‑based compensation, net of the impact from officer compensation limitation provisions.