The Company’s income tax provision was $10.7 million and $4.3 million for the three months ended September 30, 2020 and 2019, respectively. The Company’s income tax provision was $27.2 million and $18.5 million for the six months ended September 30, 2020 and 2019, respectively. The Company’s effective tax rate was 14.7% and 24.7% for the three months ended September 30, 2020 and 2019, respectively. The Company’s effective tax rate was 20.3% and 15.4% for the six months ended September 30, 2020 and 2019, respectively. The Company’s U.S. federal statutory corporate income tax rate of 21% was applied in the computation of the income tax provision for the three and six months ended September 30, 2020 and 2019.

The significant differences between the statutory income tax rate and effective income tax rate for the three and six months ended September 30, 2020 and 2019 were as follows:

	For the Three Months Ended September 30,							For the Six Months Ended September 30,
		2020			2019				2020			2019
Statutory income tax rate		21.0		%	21.0		%		21.0		%	21.0		%
Increase (decrease) resulting from:												—
Excess tax benefits from stock-based awards		(10.9	)		(2.7	)			(6.3	)		(11.0	)
Credits		(1.7	)		(2.1	)			(1.7	)		(1.7	)
State taxes, net		4.1			3.3				4.1			3.4
Permanent differences		2.6			1.7				3.4			1.9
Excess foreign tax credit		0.4			—				0.4			—
Other		(0.8	)		3.5				(0.6	)		1.7
Effective tax rate		14.7		%	24.7		%		20.3		%	15.4		%

The Company recognizes excess tax benefits and shortfalls in the income tax provision as discrete items in the period in which restricted stock units vest or stock option exercises occur. The Company recognized excess tax benefits associated with stock-based awards of $7.9 million and $0.5 million as an income tax benefit for the three months ended September 30, 2020 and 2019, respectively. The Company recognized excess tax benefits associated with stock-based awards of $8.5 million and $13.3 million for the six months ended September 30, 2020 and 2019. These recognized excess tax benefits resulted from restricted stock units that vested or stock options that were exercised during each period. The amount of future excess tax benefits or shortfalls will likely fluctuate from period to period based on the price of the Company’s stock, the number of restricted stock units that vest or stock options that are exercised, and the fair value assigned to such stock-based awards under U.S. GAAP.

The Company is subject to the examination of its income tax returns by the Internal Revenue Service (“IRS”) and other tax authorities. The outcome of these audits cannot be predicted with certainty. The Company’s management regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of the Company’s provision for income taxes. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. The Company’s most recent completed income tax audits were in the U.S. relating to fiscal year 2016 and in Germany, which covered fiscal years 2012 through 2015. These tax audits did not materially impact our financial statements. On October 29, 2020, the Company was notified by the German tax authorities that they will be conducting an income tax audit on Abiomed Europe GMBH and ECP for fiscal years 2016 through 2019 beginning in January 2021. All other tax years remain subject to examination by the federal, state and foreign tax authorities.