Note 7 - Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

(7) Income Taxes

Income tax expense from continuing operations for the three and six months ended June 30, 2019 was $7,872 and $11,404, respectively, compared to $8,748 and $14,534 for the three and six months ended June 30, 2018, respectively. The effective tax rate for the three and six months ended June 30, 2019 was 33.4% and 30.3%, respectively, compared to 17.6% and 18.3% for the three and six months ended June 30, 2018, respectively. The tax rate for the three and six months ended June 30, 2019 would have been 25.9% and 25.4%, respectively, excluding the impact of certain effects of share-based compensation, amortization of purchased intangibles, acquisition and integration expenses and unrealized loss on investment in equity securities. The increase in the tax rate for 2019 as compared to 2018 is primarily due to state tax reform and the Company’s expanded state presence due to the Halo and Avista acquisitions, and the geographic mix of income.