Income Taxes

9 Months Ended

Sep. 30, 2022

Notes

Income Taxes

5.  The Company’s effective tax rates were approximately 22.5% and 16.9% for the third quarter of 2022 and 2021, respectively, and 22.4% and 20.9% for the nine months ended September 30, 2022 and 2021, respectively.

The Company’s federal income tax returns for the 2019, 2020 and 2021 tax years are subject to examination by the Internal Revenue Service (“IRS”).   While it may be possible that a reduction could occur with respect to the Company’s unrecognized tax benefits as an outcome of an IRS examination, management does not anticipate any adjustments that would result in a material change to the results of operations or financial condition of the Company.  No statutes have been extended on any of the Company’s federal income tax filings. The statute of limitations on the Company’s 2019, 2020 and 2021 federal income tax returns will expire on September 15, 2023, 2024 and 2025, respectively.

The Company’s state income tax returns for the 2019 through 2021 tax years remain subject to examination by various state authorities with the latest closing period on October 31, 2025.  The Company is not currently under examination by any state authority for income tax purposes and no statutes for state income tax filings have been extended.