Note 9 - Income Taxes

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Our effective tax rate for the three and six months ended June 30, 2022 was 18.3% and 17.5% compared to the effective tax rate for the three and six months ended June 30, 2021 of 35.6% and 29.3%. The effective tax rate for the three and six months ended June 30, 2022 was lower than the effective tax rate for the three and six months ended  June 30, 2021 primarily due to the deferred tax impact of the tax rate increase in the United Kingdom that was enacted and recorded in the prior period, as well as the impact of increased stock option exercises resulting in higher tax benefits from equity compensation in the current period versus the prior period. The effective tax rate for the six months ended June 30, 2022 was also lower than the prior period due to a tax rate benefit in connection with the sale of our environmental health and safety business for which a benefit was recognized for the difference between book and tax basis of our investment. The difference between statutory tax rates and our effective tax rate is primarily due to tax benefits attributable to equity compensation, offset by additional state and local taxes.