Note 15 - Income Taxes

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15.  Income Taxes

The following table presents the provision for (benefit from) income taxes for the respective periods:

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2021			2020			2021			2020
Provision for (benefit from) income taxes	$	15,619		$	(1,782	)	$	(6,836	)	$	(16,492	)
Effective tax rate		21.9	%		64.7	%		41.7	%		18.3	%

Our effective tax rate for the three months ended June 30, 2021 decreased to 21.9% from 64.7%, when compared to the same period in 2020. This change was primarily due to the impact of adjusting our estimate of our annual effective tax rate relative to the loss before benefit from income taxes for the three months ended June 30, 2020. Our effective tax rate for the six months ended June 30, 2021 increased to 41.7% from 18.3%, when compared to the same period in 2020. This change was primarily due to the goodwill impairment and the investment in affiliates impairment which is discrete to the six months ended June 30, 2020 and resulted in no discrete tax benefit. See Note 3 for discussion of the impairment charges. The $66.0 million in settlement charges discussed in Note 16 are discrete to the six months ended June 30, 2021 which resulted in a discrete tax benefit of $17.0 million.