Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the second quarter and first half of 2021, the Company recorded an income tax expense (benefit) of $0.2 million and $(2.6) million, respectively. The benefit for the first half of 2021 is primarily related to changes in the deferred tax asset valuation allowance resulting from a deferred tax liability assumed with the acquisition of Radius. For the first half of 2020, the Company recorded an income tax expense of $0.3 million primarily attributable to the tax effects of other comprehensive income associated with the Company’s available for sale portfolio. The Company did not record any income tax expense (benefit) during the second quarter of 2020.

The Company continues to recognize a full valuation allowance against net deferred tax assets. This determination was based on the assessment of the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets.