Income taxes

3 Months Ended

Mar. 31, 2024

Income taxes

Income taxes

8. Income taxes

An income tax benefit of $580,000 was recorded for the three months ended March 31, 2024 compared to income tax expense of $350,000 for the three months ended March 31, 2023. The effective tax rate was approximately 26.9% for the three months ended March 31, 2024 compared to 27.6% for the three months ended March 31, 2023. Income tax provisions for interim (quarterly) periods are based on estimated annual income tax rates and are adjusted for the effects of significant, infrequent or unusual items (i.e. discrete items) occurring during the interim period.