Income Taxes

3 Months Ended

Mar. 31, 2020

NOTE 17 — Income Taxes

The effective tax rates for the three-month periods ended March 31, 2020 and 2019 are as follows:



	Three Months Ended
	March 31,		March 31,
	2020		2019
Effective tax rate	36.4	%	20.0	%

Our effective income tax rate was 36.4% and 20.0% in the first quarters of 2020 and 2019, respectively. This increase is primarily attributed to establishment of valuation allowances on certain U.S. tax credits and a one-time tax expense resulting from a change in company structure during 2020. The first quarter 2020 tax rate was higher than the U.S. statutory federal tax rate for the same reasons noted above. The first quarter 2019 tax rate was lower than the U.S. statutory federal tax rate primarily due to the tax benefits recorded upon vesting of restricted stock units.