Note 15 - Income Taxes

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
(dollars in thousands)	2021			2020			2021			2020
Provision for (benefit from) income taxes	$	8,904		$	11,272		$	2,068		$	(5,220	)
Effective tax rate		21.5	%		(12.9	)%		8.3	%		2.9	%

Our effective tax rate for the three and nine months ended September 30, 2021 increased to 21.5% and 8.3% from (12.9)% and 2.9%, respectively, when compared to the same periods in 2020. These changes were primarily due to the goodwill impairments and the investment in affiliates impairments during the three months ended March 31, 2020 and September 30, 2020 which were discrete to those periods 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 nine months ended September 30, 2021 which resulted in a discrete tax benefit of $17.0 million.