Income Taxes

9 Months Ended

Sep. 30, 2021

Income Taxes

11.Income Taxes

For the three and nine months ended September 30, 2021, we recorded an income tax provision of $7.7 million and $19.5 million, respectively. The Company’s effective tax rate for the three and nine months ended September 30, 2021 was 18.8% and 16.4%, respectively, compared to 18.0% and 9.5% for the corresponding periods in the prior year. The increase in effective tax rates was primarily due to higher income before income taxes, lower windfall benefits recognized on stock option exercises and the vesting of stock units partially offset by lower U.S. taxation of foreign earnings. The effective tax rates for the three and nine months ended September 30, 2021 and 2020 were lower than the U.S. statutory rate of 21% primarily due to business tax credits and windfall benefits on stock option exercises and the vesting of stock units.