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Income Taxes
6 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Income Taxes

Note 17 -- Income Taxes

During the three months ended June 30, 2020 and 2019, the Company recorded approximately $2,887 and $2,762 respectively, of income taxes, which resulted in effective tax rates of 24.4% and 26.8%, respectively. The decrease in the effective tax rate as compared with the corresponding period in the prior year was primarily attributable to the recognition of a refund from the State of Florida for 2018 income taxes. Furthermore, the Florida corporate income tax rate was reduced from 5.5% to 4.458% in September 2019. During the six months ended June 30, 2020 and 2019, the Company recorded approximately $2,997 and $5,307, respectively, of income taxes, which resulted in effective tax rates of 24.0% and 27.1%, respectively. The decrease in the effective tax rate in 2020 as compared with the corresponding period in the prior year was

primarily attributable to the recognition of the tax refund, the recognition of windfall tax benefits related to share-based awards, and the reduction in state corporate income tax rate. The Company’s estimated annual effective tax rate differs from the statutory federal tax rate due to state and foreign income taxes as well as certain nondeductible and tax-exempt items. In addition, the Company determined there were no significant tax implications as a result of the CARES Act.