Income Taxes

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company’s effective income tax rate is based on expected income, statutory rates, valuation allowances against deferred tax assets, and any tax planning opportunities available to the Company. For interim financial reporting, the Company estimates the annual effective income tax rate based on full year projections and applies the annual effective income tax rate against year-to-date pretax income to record income tax expense, adjusted for discrete items, if any. The Company refines annual estimates as new information becomes available. The Company’s tax rate does not bear a relationship to statutory tax rates due to permanent differences, which are primarily related to nondeductible compensation and state taxes.

The Company’s income tax expense consisted of the following:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Income before provision for income taxes	$	54,122	$	91,985	$	98,886	$	122,749
Income tax expense using estimated annual effective income tax rate	14,883		26,952		27,191		36,218
Changes in effective tax rates	86		52		—		—
Income tax expense	$	14,969	$	27,004	$	27,191	$	36,218

There are no discrete items for the three and six months ended June 30, 2022 and June 30, 2021, respectively.