Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The tax provision for interim periods is determined using the estimated annual effective consolidated tax rate, based on the current estimate of full-year earnings before taxes, adjusted for the impact of discrete quarterly items.

The provision for income taxes was $21.2 million and $28.7 million for the three months ended March 31, 2022 and 2021, respectively, and the effective tax rate was 11.3% and 16.4%, respectively. During the three months ended March 31, 2022 and 2021, we recorded a tax benefit of $8.9 million and $11.1 million, respectively, associated with stock-based compensation. The decrease in the effective tax rate is primarily due to a $5.9 million tax benefit recorded as a result of a state tax valuation allowance reversal for the three months ended March 31, 2022, as compared to the same period in 2021.