Income Taxes

6 Months Ended

Jun. 30, 2022

Income Taxes

11.Income Taxes

For the three and six months ended June 30, 2022, we recorded an income tax provision of $9.9 million and $21.9 million, respectively. The Company’s effective tax rate for the three and six months ended June 30, 2022 was 16.6% and 18.4%, respectively, compared to 18.3% and 15.2% for the corresponding periods in the prior year. The difference in effective tax rates between the periods 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 six months ended June 30, 2022 and 2021 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.