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Note 3 - Income Taxes

9 Months Ended

Sep. 30, 2020

(3)

INCOME TAXES

The effective tax rate for the three-month period ended September 30, 2020 increased to 17.9% compared to 17.2% for the same period in 2019 primarily due to higher state income taxes since we are filing in more states. The effective tax rate for the nine-month period ended September 30, 2020 decreased to 8.1% compared to 18.7% for the same period in 2019 primarily from the exercise and vesting of shared-based compensation awards partially offset by higher state income taxes.

In March 27, 2020, the U.S. federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act is an emergency economic stimulus package in response to the coronavirus outbreak which, among other things, contains numerous income tax provisions. As a result of the CARES Act, we have deferred $800,000 of employer social security tax payments into future years. We have had no other impacts to our consolidated financial statements or related disclosures from the CARES Act.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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