Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

14.    Income Taxes

Our effective tax rate for the three and nine months ended September 30, 2023 was 19.7% and 18.2%, respectively, compared to 23.6% and 24.3% for the three and nine months ended September 30, 2022, respectively. The decrease in the effective tax rate in the three and nine month periods of 2023 compared to the same periods in 2022 was primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option

exercises, which totaled $31,877 and $111,028 for the three and nine months ended September 30, 2023, respectively, and $10,558 and $27,748 for the three and nine months ended September 30, 2022, respectively.