Note 17 - Income Taxes

6 Months Ended

Jun. 30, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

17.  Income Taxes

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

	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2022			2021			2022			2021
Provision for (benefit from) income taxes on continuing operations	$	2,549		$	7,710		$	(2,782	)	$	(14,047	)
Effective tax rate		(630.9	%)		22.8	%		12.8	%		27.9	%

Our effective tax rate for the three and six months ended June 30, 2022 was lower than the prior year primarily due to a $12 million accrual related to the expected resolution of the SEC investigation discussed further in Note 18. The expected payment of $12 million is non-deductible for tax purposes and is recognized as a discrete adjustment in the current quarter. The tax impact of this discrete adjustment relative to the small loss from continuing operations before income taxes results in the disproportionately large negative tax rate for the current quarter.