Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2021

Accumulated Other Comprehensive Income.

Accumulated Other Comprehensive Income

6. Accumulated Other Comprehensive Income

The following table presents the components of comprehensive income (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Net income	$	11,093	$	6,101	$	18,124	$	11,645
Mark to market of foreign exchange hedges		—		9		—		1
Deferred income tax expense		—		(2)		—		—
Comprehensive income	$	11,093	$	6,108	$	18,124	$	11,646

In May 2018, to hedge against potential losses due to changes in the Euro to U.S. Dollar exchange rates, the Company entered into foreign exchange hedges with a counterparty to the foreign exchange hedges to fix the exchange rates. The last of the foreign exchange hedges expired in April 2020. The foreign exchange hedges were effective as defined under applicable accounting rules. Therefore, changes in the fair value of the foreign exchange hedges were reflected in comprehensive income.