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TAXES	3 Months Ended
Mar. 31, 2021
TAXES
TAXES	NOTE 7. TAXES For the three months ended March 31, 2021 and 2020, the Company’s effective tax rate was 15.6% and 4.3%, respectively. The effective tax rate for the three months ended March 31, 2021 was a result of the excess tax benefit on stock option exercises The effective tax rate for the three months ended March 31, 2020 was a result of the high weight of tax credits and excess tax benefit on stock option exercises on the provision for income taxes, as the quarterly income was negatively impacted by the suspension of the operations in mid-March of 2020. As of March 31, 2021, $23.4 million “Income taxes receivable” in the Company’s consolidated balance sheet represents the $24.9 million expected federal and state tax refund for 2020 tax year, net of $1.5 million provision for income tax for the first quarter of 2021. Deferred tax assets were evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies. No uncertain tax positions were recorded as of March 31, 2021 and 2020. No change in uncertain tax positions is anticipated over the next twelve months.

TAXES

3 Months Ended

Mar. 31, 2021

NOTE 7. TAXES

For the three months ended March 31, 2021 and 2020, the Company’s effective tax rate was 15.6% and 4.3%, respectively. The effective tax rate for the three months ended March 31, 2021 was a result of the excess tax benefit on stock option exercises The effective tax rate for the three months ended March 31, 2020 was a result of the high weight of tax credits and excess tax benefit on stock option exercises on the provision for income taxes, as the quarterly income was negatively impacted by the suspension of the operations in mid-March of 2020.

As of March 31, 2021, $23.4 million “Income taxes receivable” in the Company’s consolidated balance sheet represents the $24.9 million expected federal and state tax refund for 2020 tax year, net of $1.5 million provision for income tax for the first quarter of 2021.

Deferred tax assets were evaluated by considering historical levels of income, estimates of future taxable income and the impact of tax planning strategies.

No uncertain tax positions were recorded as of March 31, 2021 and 2020. No change in uncertain tax positions is anticipated over the next twelve months.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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