XML 28 R18.htm IDEA: XBRL DOCUMENT v3.22.2
Income Taxes
3 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXESThe Company’s effective tax rate will vary based on a variety of factors, including overall profitability, the geographical mix of income before taxes and related tax rates in jurisdictions where it operates and other one-time charges, as well as the occurrence of discrete events. For the three months ended June 30, 2022 and 2021, the Company utilized an effective tax rate of 22.7% and 25.6%, respectively, to calculate its provision for income taxes. Several items increased the effective rate including state and local income taxes for the three months ended June 30, 2022 and 2021. The Company’s ESOP also increased the effective rate for the three months ended June 30, 2021, which no longer impacts the effective tax rate after the repayment of the ESOP loan and the allocation of the remaining unallocated shares of Preferred Stock in the prior year. Additionally, discrete income tax benefits related to the stock-based compensation windfall decreased the rate for the three months ended June 30, 2022 and 2021.